The Advisors' Inner Circle Fund
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WESTWOOD SMALLCAP VALUE FUND
Summary Prospectus | March 1, 2013
Ticker: Institutional Shares -- WHGSX
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 investment objective of the Westwood SmallCap Value Fund (the "Fund") is to
seek long-term capital appreciation.
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 0.85%
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Other Expenses 0.31%
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Shareholder Service Fees 0.17%
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Total Annual Fund Operating Expenses 1.33%
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Less Fee Reductions and/or Expense Reimbursements (0.23)%
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Total Annual Fund Operating Expenses After Fee Reductions
and/or Expense Reimbursements(1) 1.10%
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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 1.10% of the Fund's Institutional 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 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. This Agreement may be terminated: (i) by the
Board, 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 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
$112 $349 $657 $1,532
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 68% of the average value of its portfolio.
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PRINCIPAL INVESTMENT STRATEGIES
Under normal circumstances, the Fund invests at least 80% of its net assets,
plus any borrowings for investment purposes, in equity securities of small-cap
companies. The Fund considers small-cap companies to be those companies with
market capitalizations between $100 million and $2 billion at the time of
initial purchase. This investment policy may be changed by the Fund upon 60
days' prior notice to shareholders. The equity securities in which the Fund
invests are primarily common stocks, but may also include shares of
exchange-traded funds ("ETFs"), real estate investment trusts ("REITs"),
royalty trusts, and master limited partnerships ("MLPs"). The Fund generally
invests in securities of domestic companies, but may also invest in equity
securities of foreign companies and American Depository Receipts ("ADRs"). In
the event the Fund invests in foreign securities and ADRs, the Adviser expects
that the Fund's investment in such securities would normally represent less
than 25% of the Fund's assets.
The Fund invests in approximately 50-70 securities that are well diversified
among market sectors. The Adviser utilizes a value style of investing and
selects securities for the Fund that it believes are currently undervalued in
the market and offer an attractive opportunity for price appreciation coupled
with downside risk limitation. Key metrics for evaluating the risk/return
profile of an investment may include strong free cash flow, an improving return
on equity, a strengthening balance sheet and, in the case of common equities,
positive earnings surprises without a corresponding change in the stock price.
The Adviser has disciplines in place that serve as sell signals, such as a
security reaching a predetermined price target, a change to a company's
fundamentals that make the risk/return profile unattractive, or a need to
improve the overall risk/return profile of the Fund. The Adviser will not
necessarily sell a security that has appreciated or depreciated outside the
Fund's target capitalization range.
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.
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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SMALL-CAPITALIZATION COMPANY RISK -- The small-capitalization companies in
which the Fund will invest may be more vulnerable to adverse business or
economic events than larger, more established companies. In particular, these
small-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-cap stocks may be more volatile than those of larger
companies. These securities may be traded over-the-counter or listed on an
exchange.
INVESTMENT STYLE RISK -- The Fund pursues a "value style" of investing. Value
investing focuses on companies with stocks that appear undervalued in light of
factors such as the company's earnings, book value, revenues or cash flow. If
the Adviser's assessment of a company's value or its prospects for exceeding
earnings expectations or market conditions is inaccurate, the Fund could suffer
losses or produce poor performance relative to other funds. In addition, "value
stocks" can continue to be undervalued by the market for long periods of time.
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,
rising 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
interest rates could limit the capital appreciation of royalty trusts because
of the increased availability of alternative investments at more competitive
yields. 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.
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MLP RISK -- MLPs are limited partnerships in which the ownership units are
publicly traded. MLP units are registered with the U.S. Securities and Exchange
Commission (the "SEC") and are freely traded on a securities exchange or in the
over-the-counter market. MLPs often own several properties or businesses (or
own interests) that are related to oil and gas industries or other natural
resources, but they also may finance other projects. To the extent that an
MLP's interests are all in a particular industry, the MLP will be negatively
impacted by economic events adversely impacting that industry. The risks of
investing in a MLP are generally those involved in investing in a partnership
as opposed to a corporation. For example, state law governing partnerships is
often less restrictive than state law governing corporations. Accordingly,
there may be fewer protections afforded to investors in a MLP than investors in
a corporation. For example, investors in MLPs may have limited voting rights or
be liable under certain circumstances for amounts greater than the amount of
their investment. In addition, MLPs may be subject to state taxation in certain
jurisdictions which will have the effect of reducing the amount of income paid
by the MLP to its investors.
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.
5
ETF RISK -- ETFs are pooled investment vehicles, such as registered investment
companies and grantor trusts, whose shares are listed and traded on U.S. stock
exchanges or otherwise traded in the over-the-counter market. To the extent
that the Fund invests in ETFs, the Fund will be subject to substantially the
same risks as those associated with the direct ownership of the securities
comprising the index on which the ETF is based and the value of the Fund's
investment will fluctuate in response to the performance of the underlying
index. ETFs typically incur fees that are separate from those of the Fund.
Accordingly, the Fund's investments in ETFs will result in the layering of
expenses such that shareholders will indirectly bear a proportionate share of
the ETFs' operating expenses, in addition to paying Fund expenses. Because the
value of ETF shares depends on the demand in the market, shares may trade at a
discount or premium and the Adviser may not be able to liquidate the Fund's
holdings at the most optimal time, which could adversely affect the Fund's
performance.
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
and 5 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).
[BAR CHART OMITTED - PLOT POINTS AS FOLLOWS]
(32.11)% 20.42% 23.23% (1.40)% 18.13%
2008 2009 2010 2011 2012
BEST QUARTER WORST QUARTER
19.36% (26.09)%
(12/31/2011) (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.
WESTWOOD SMALLCAP VALUE FUND -- SINCE INCEPTION
INSTITUTIONAL CLASS 1 YEAR 5 YEARS (04/02/07)
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Fund Returns Before Taxes 18.13% 3.25% 2.14%
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Fund Returns After Taxes on Distributions 17.17% 2.92% 1.83%
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Fund Returns After Taxes on Distributions and
Sale of Fund Shares 12.70% 2.73% 1.77%
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Russell 2000 Value Index (reflects no deduction
for fees, expenses, or taxes) 18.05% 3.55% 0.99%
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INVESTMENT ADVISER
Westwood Management Corp.
PORTFOLIO MANAGERS
Mr. William Costello, CFA, Senior Vice President and Portfolio Manager, has
managed the Fund since December 2010.
Ms. Lisa Dong, CFA, Senior Vice President and Portfolio Manager, has managed
the Fund since its inception.
Mr. Graham Wong, CFA, Vice President and Portfolio Manager, has managed the
Fund since December 2010.
Mr. Matthew Lockridge, Vice President and Portfolio Manager, has managed the
Fund since December 2010.
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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.
WHG-SM-005-0400