The Advisors' Inner Circle Fund
[GRAPHIC OMITTED]
WESTWOOD DIVIDEND GROWTH FUND
Summary Prospectus | March 1, 2013
Ticker: Institutional Shares -- WHGDX
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, 2013, 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 primary investment objective of the Westwood Dividend Growth Fund (the
"Fund") is to seek to provide a growing stream of income over time. A secondary
objective of the Fund is to seek to provide long-term capital appreciation and
current income.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
Institutional Shares of the Fund.
ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE
OF THE VALUE OF YOUR INVESTMENT)
INSTITUTIONAL SHARES
Management Fees 0.75%
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Other Expenses 0.21%
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Total Annual Fund Operating Expenses(1) 0.96%
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(1) 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 Institutional Shares (excluding interest,
taxes, brokerage commissions, Acquired Fund Fees and Expenses, and
extraordinary expenses (collectively, "excluded expenses")) from exceeding
1.00% of the Fund's Institutional Shares' average daily net assets. This
contractual arrangement shall continue in effect until February 28, 2016
and shall thereafter continue in effect until its termination by
shareholders of the Fund. In addition, if at any point Total Annual Fund
Operating Expenses (not including excluded expenses) are below the expense
cap, the Adviser may retain 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 was in place.
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 one year of capped expenses in each
period) 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
$98 $306 $531 $1,178
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 95% of the average value of its portfolio.
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PRINCIPAL INVESTMENT STRATEGIES
The Fund seeks to invest primarily in the stocks of companies of any size, from
larger, well-established companies, which are preferred by the Adviser, to
smaller companies. Under normal circumstances, the Fund will invest at least
80% of its net assets (plus any borrowings for investment purposes) in dividend
paying equity securities. For purposes of this policy, dividend paying equity
securities include common stock, preferred stock, royalty trusts and trust
preferred securities. The Fund may also invest in REITs. The Fund will
typically invest up to 5% of its net assets in REITs, but can invest a higher
percentage in REITs if REIT valuations and fundamental prospects are
compelling. The Fund will not invest more than 20% of its net assets in REITs.
The Fund may invest up to 25% of its net assets in the securities of foreign
issuers that are publicly traded in the United States or on foreign exchanges,
including American Depositary Receipts ("ADRs").
The Adviser pursues the Fund's objective by investing primarily in the stocks
of companies that exhibit the potential for significant long-term appreciation
and dividend growth. In selecting investments, the portfolio managers seek to
identify dividend-paying issuers with strong profitability, solid balance
sheets and capital allocation policies that support sustained or increasing
dividends. The Adviser generally makes use of fundamental analytical techniques
that combine quantitative analysis screens with fundamental analysis by the
Adviser's equity investment team to determine which particular stocks to
purchase and sell. The Adviser will consider the sale of securities from the
Fund's portfolio when the reasons for the original purchase no longer apply.
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.
DIVIDEND PAYING STOCKS RISK -- The Fund's emphasis on dividend-paying stocks
involves the risk that such stocks may fall out of favor with investors and
underperform the market. Also, a company may reduce or eliminate its dividend.
EQUITY RISK -- Since it purchases equity securities, the Fund is subject to the
risk that stock prices will fall over short or extended periods of time.
Historically, the equity markets have moved in cycles, and the value of the
Fund's equity securities may fluctuate drastically from day to day. Individual
companies may report poor results or be negatively affected by industry and/ or
economic trends and developments. The prices of securities issued by such
companies may suffer a decline in response. These factors contribute to price
volatility, which is the principal risk of investing in the Fund.
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FOREIGN COMPANY RISK -- Investing in foreign companies, including direct
investments and through ADRs which are traded on U.S. exchanges and represent
an ownership interest in a foreign security, poses additional risks since
political and economic events unique to a country or region will affect those
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 foreign companies 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 that do not otherwise affect the value of the security in
the issuer's home country. Differences in tax and accounting standards and
difficulties obtaining information about foreign companies can negatively
affect investment decisions. 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. While ADRs provide an alternative to directly purchasing
the underlying foreign securities in their respective national markets and
currencies, investments in ADRs continue to be subject to many of the risks
associated with investing directly in foreign securities.
FOREIGN CURRENCY RISK -- As a result of the Fund's investments in securities or
other investments denominated in, and/or receiving revenues in, foreign
currencies, the Fund will be subject to currency risk. Currency risk is the
risk that foreign currencies will decline in value relative to the U.S. dollar,
in which case, the dollar value of an investment in the Fund would be adversely
affected.
REIT RISK -- REITs are pooled investment vehicles that own, and usually
operate, income-producing real estate. REITs are susceptible to the risks
associated with direct ownership of real estate, such as the following:
declines in property values; increases in property taxes, operating expenses,
interest rates or competition; overbuilding; zoning changes; and losses from
casualty or condemnation. REITs typically incur fees that are separate from
those of the Fund. Accordingly, the Fund's investments in REITs will result in
the layering of expenses such that shareholders will indirectly bear a
proportionate share of the REITs' operating expenses, in addition to paying
Fund expenses. REIT operating expenses are not reflected in the fee table and
example in this Prospectus.
ROYALTY TRUST RISK -- The Fund may invest in royalty trusts. A royalty trust
generally acquires an interest in natural resource companies and distributes
the income it receives to the investors of the royalty trust. A sustained
decline in demand for crude oil, natural gas and refined petroleum products
could adversely affect income and royalty trust revenues and cash flows.
Factors that could lead to a decrease in market demand include a recession or
other adverse economic conditions, an increase in the market price of the
underlying commodity, higher taxes or other regulatory actions that increase
costs, or a shift in consumer demand for such products. A rising interest rate
environment could adversely impact the performance of royalty trusts. Rising
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interest rates could limit the capital appreciation of royalty trusts because
of the increased availability of alternative investments at more competitive
yields. Royalty trust operating expenses are not reflected in the fee table and
example in the Prospectus and the Fund's investment in royalty trusts may
result in the layering of expenses such that shareholders will indirectly bear
a proportionate share of the royalty trusts' operating expenses, in addition to
paying Fund expenses.
SMALL- AND MID-CAPITALIZATION COMPANY RISK -- The small- and mid-capitalization
companies in which the Fund may invest may be more vulnerable to adverse
business or economic events than larger, more established companies. In
particular, these small- and mid-sized companies may pose additional risks,
including liquidity risk, because these companies tend to have limited product
lines, markets and financial resources, and may depend upon a relatively small
management group. Therefore, small- and mid-cap stocks may be more volatile
than those of larger companies. These securities may be traded over-the-counter
or listed on an exchange.
TRUST PREFERRED SECURITIES RISK -- Trust preferred securities are preferred
stocks issued by a special purpose trust subsidiary backed by subordinated debt
of the corporate parent. These securities typically bear a market rate coupon
comparable to interest rates available on debt of a similarly rated company.
The securities are generally senior in claim to standard preferred stock but
junior to other bondholders. Trust preferred securities are subject to unique
risks, which include the fact that dividend payments will only be paid if
interest payments on the underlying obligations are made, which interest
payments are dependent on the financial condition of the parent corporation and
may be deferred for up to 20 consecutive quarters. There is also the risk that
the underlying obligations, and thus the trust preferred securities, may be
prepaid after a stated call date or as a result of certain tax or regulatory
events, resulting in a lower yield to maturity.
PERFORMANCE INFORMATION
The bar chart and the performance table below illustrate the risks and
volatility of an investment in Institutional Shares of the Fund by showing
changes in the Fund's Institutional Shares' performance from year to year and
by showing how the Fund's Institutional Shares' average annual returns for 1, 5
and 10 years 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). The Fund
acquired the assets and assumed the historical performance of another fund (the
"Predecessor Fund") on February 5, 2011. The performance shown in the bar chart
and performance table for periods prior to that date represents the performance
of the Predecessor Fund.
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[BAR CHART OMITTED - PLOT POINTS AS FOLLOWS]
32.26% 11.12% 8.04% 7.13% 1.38% (31.86)% 36.76% 9.03% 3.49% 10.43%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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BEST QUARTER WORST QUARTER
23.00% (21.36)%
(06/30/2003) (12/31/2008)
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AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31, 2012
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
WESTWOOD DIVIDEND GROWTH FUND -- INCEPTION
INSTITUTIONAL CLASS 1 YEAR 5 YEARS 10 YEARS (08/06/01)
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Fund Returns Before Taxes 10.43% 3.03% 7.19% 3.96%
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Fund Returns After Taxes on Distributions 8.87% 2.28% 6.44% 3.32%
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Fund Returns After Taxes on Distributions and
Sale of Fund Shares 8.84% 2.50% 6.21% 3.33%
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S&P 500 Index (reflects no deduction for fees,
expenses, or taxes) 16.00% 1.66% 7.10% 3.46%
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INVESTMENT ADVISER
Westwood Management Corp.
PORTFOLIO MANAGERS
Mr. Christopher J. MacDonald, CFA, Senior Vice President and Portfolio Manager,
has managed the Fund since its inception in 2011.
Mr. Matthew Lockridge, Vice President and Portfolio Manager, has managed the
Fund since its inception in 2011.
Mr. Michael Wall, Associate Vice President and Portfolio Manager, has managed
the Fund since its inception in 2011. Mr. Wall also assisted with the
management of the Predecessor Fund portfolio since 2004.
PURCHASE AND SALE OF FUND SHARES
To purchase shares of the Fund for the first time, 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.
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WHG-SM-009-0400