Summary Prospectus
JANUARY 31, 2013
ADVISORS' INNER CIRCLE FUND
[HARVEST FUNDS LOGO OMITTED]
HARVEST FUNDS (US)
Harvest Funds Intermediate Bond
Institutional Class: HXIIX
Class A: HXIAX
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
www.harvestfunds-us.com. You can also get this information at no cost by calling
1-855-573-6994, by sending an e-mail request to harvestkrane@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 January 31, 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.
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INVESTMENT OBJECTIVE
The Harvest Funds Intermediate Bond (the "Fund") seeks long-term total return
through a combination of 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
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 $50,000 in Class A
Shares of the Harvest Funds.
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
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INSTITUTIONAL CLASS A
CLASS SHARES SHARES
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price) None 4.25%
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Maximum Deferred Sales Charge (Load)
(as a percentage of net asset value) None None
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Maximum Sales Charge (Load) Imposed on Reinvested Dividends
and Other Distributions (as a percentage of offering price) None None
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Redemption Fee (as a percentage of amount redeemed, if shares
redeemed have been held for less than 90 days) 1.50% 1.50%
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ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE
OF THE VALUE OF YOUR INVESTMENT)
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INSTITUTIONAL CLASS A
CLASS SHARES SHARES
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Management Fees 0.75% 0.75%
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Distribution (12b-1) Fees None 0.25%
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Other Expenses(1) 0.47% 0.47%
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Acquired Fund Fees and Expenses(2) 0.01% 0.01%
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Total Annual Fund Operating Expenses 1.23% 1.48%
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Less Fee Reductions and/or Expense Reimbursements (0.34)% (0.34)%
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Total Annual Fund Operating Expenses After Fee Reductions
and/or Expense Reimbursements(3) 0.89% 1.14%
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(1) "Other Expenses" are based on estimated amounts for the current fiscal
year.
(2) "Acquired Fund Fees and Expenses" are based on estimated amounts for the
current fiscal year.
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(3) Harvest Global Investments Limited (the "Adviser") has contractually
agreed to reduce fees and reimburse expenses to the extent necessary to
keep Total Annual Fund Operating Expenses after Fee Reductions and/or
Expense Reimbursements (excluding interest, taxes, Acquired Fund Fees and
Expenses, brokerage commissions and extraordinary expenses (collectively,
"excluded expenses")) from exceeding 0.88% and 1.13% of the Fund's average
daily net assets of the Institutional Class and Class A Shares,
respectively, until April 30, 2014. In addition, if at any point Total
Annual Fund Operating Expenses (not including excluded expenses) are below
the expense caps, the Adviser may retain the difference between the Total
Annual Fund Operating Expenses (not including excluded expenses) and the
expense caps 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 April 30, 2014.
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:
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1 YEAR 3 YEARS
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Institutional Class Shares $91 $357
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Class A Shares $536 $841
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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.
2
PRINCIPAL INVESTMENT STRATEGY
The Fund seeks to achieve its objective by investing, under normal market
conditions, at least 80% of its net assets, plus any borrowings for investment
purposes, in a portfolio of fixed income securities. The Fund's investments
primarily will be fixed income securities issued by corporations and
governments, including the agencies and instrumentalities of governments in the
China and Asian region, denominated in U.S. dollars and Renminbi, the official
currency of the People's Republic of China ("PRC"). The Fund also may purchase
U.S. dollar-denominated fixed income securities issued by PRC and Hong Kong
companies in over-the-counter markets through major financial institutions.
The Fund may invest in participatory notes or other structured or derivative
instruments ("Access Products") to gain exposure to these securities and to PRC
domestic securities available only to foreign investors that have obtained
status as a Qualified Foreign Institutional Investor ("QFII"). In the event
that Harvest Global Investments Limited ("Harvest" or the "Adviser"), the
Fund's investment adviser, obtains QFII or Renminbi Qualified Foreign
Institutional Investor ("RQFII") status and is granted the quota to invest in
PRC domestic securities, it may invest the Fund's assets directly in such PRC
domestic securities instead of the Access Products. Until Harvest obtains QFII
or RQFII status and is granted the quota to invest in PRC domestic securities,
the Renminbi-denominated securities in which the Fund may invest will be
principally traded in the CNH market, which is an over the counter market
located in countries other than the PRC, such as Hong Kong or Singapore, that
may be accessed by investors located outside of the PRC that have not obtained
QFII or RQFII status. The Fund may also invest in forward currency contracts
and currency futures to hedge U.S. dollar-denominated exposure to the Renminbi
and U.S. Treasury futures to hedge against fluctuations in U.S. interest
rates.
The Fund may invest in both investment-grade and high yield securities (also
known as "junk bonds"). Investment grade securities are generally considered to
be those rated Baa3 or better by Moody's Investor Services or BBB- or better by
Standard & Poor Corporation or Fitch, Inc. High yield securities are those
securities rated lower than investment grade. The Fund may also invest in
unrated securities which are determined by Harvest to be of comparable quality.
The Fund may purchase securities of various maturities. Under normal market
conditions, the Fund expects to maintain an average portfolio duration of 3 to
5 years.
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In selecting securities for the Fund, Harvest pursues a combined approach of
top-down and bottom-up research. In its top-down approach, Harvest considers
economic data on a global, regional and local basis (e.g., economic growth,
monetary and fiscal policies and interest rate cycles) in order to identify
longer-term macro trends and current themes which, in the view of Harvest, are
likely to impact markets. In its bottom-up approach, Harvest uses a proprietary
internal rating process and incorporates its sector views and strategies
determined from the top-down approach.
The Fund may change its 80% policy at any time and will notify shareholders 60
days in advance of the change. Access Products with economic characteristics
similar to fixed income securities will be included as investments that satisfy
the Fund's 80% policy described above. The Fund may buy and sell securities
frequently in seeking to achieve its objective.
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 Federal Deposit Insurance Corporation ("FDIC") or
any government agency. The principal risk factors affecting shareholders'
investments in the Fund are set forth below.
CHINA-RELATED INVESTMENTS RISK.
Because the Fund geographically focuses its investments in securities of
Chinese issuers and issuers with economic ties to China, the Fund is subject to
the risk that political, social or economic instability within China may cause
the Fund's investments to decline in value. The PRC government exercises
significant control over the PRC's economy through its industrial policies
(e.g., allocation of resources and other preferential treatment), monetary
policy, management of currency exchange rates, and management of the payment of
foreign currency denominated obligations. Changes in these policies could
adversely impact affected industries or companies. The PRC's economy,
particularly its export-oriented industries, may be adversely impacted by trade
or political disputes with the PRC's major trading partners, including the U.S.
In addition, as its consumer class emerges, the PRC's domestically oriented
industries may be especially sensitive to changes in government policy and
investment cycles. The Fund currently may buy Renminbi only on the offshore CNH
market. The CNH market is newly developed, and as such is often illiquid and
highly volatile. The Fund may be subject to greater risk than a mutual fund
whose assets are more geographically diversified.
4
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 or, in the case of hedging
positions, that the U.S. dollar will decline in value relative to the currency
hedged. In either event, the dollar value of an investment in the Fund would be
adversely affected.
DERIVATIVES RISK.
The Fund's use of futures contracts, forward contracts and Access Products is
subject to market risk, leverage risk, correlation risk, liquidity risk, and
(except for Access Products) hedging risk. Market risk is the risk that the
market value of an investment may move up and down, sometimes rapidly and
unpredictably. Leverage risk is the risk that the use of leverage can amplify
the effects of market volatility on the Fund's share price and may also cause
the Fund to liquidate portfolio positions when it would not be advantageous to
do so in order to satisfy its obligations. Correlation risk is the risk that
changes in the value of the derivative may not correlate perfectly with the
underlying asset, rate or index. Liquidity risk is described below. Hedging
risk is the risk that derivatives instruments used for hedging purposes may
also limit any potential gain that may result from the increase in value of the
hedged asset. To the extent that the Fund engages in hedging strategies, there
can be no assurance that such strategy will be effective or that there will be
a hedge in place at any given time. The Fund's use of forward contracts and
Access Products is also subject to credit risk and valuation risk. Credit risk
is described below. Valuation risk is the risk that the derivative may be
difficult to value and/or valued incorrectly. Each of these risks could cause
the Fund to lose more than the principal amount invested in a derivative
instrument.
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EMERGING MARKETS RISK.
Investments in emerging market securities are considered speculative and are
subject to heightened risks in addition to the general risks of investing in
non-U.S. 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, emerging market securities may be issued
by companies with smaller market capitalization 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.
FIXED INCOME SECURITIES RISK.
CREDIT RISK. The risk that the issuer of a security or the counterparty to a
contract will default or otherwise become unable to honor a financial
obligation.
High Yield Securities ("Junk Bond") Risk. High yield, or non-investment grade
or "junk," bonds are highly speculative securities that are usually issued by
smaller, less credit worthy 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. 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. 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. A lack of reliable, objective data or market quotations may make it
more difficult to value non-investment grade bonds accurately.
INTEREST RATE RISK. The risk that the value of fixed income securities,
including U.S. Government securities, will fall due to rising interest rates.
INFLATION/DEFLATION RISK. The value of assets or income from investments may be
worth less in the future as inflation decreases the present value of future
payments. Conversely, prices throughout the economy may decline over time due
to deflation. Deflation may have an adverse effect on the creditworthiness of
issuers and may make issuer default more likely, which may result in a decline
in the value of the Fund's portfolio.
6
FOREIGN SECURITIES RISK.
Investing in securities of foreign issuers and governments poses additional
risks since political and economic events unique to a country or region will
affect foreign securities markets and their issuers. Political events (civil
unrest, national elections, changes in political conditions and foreign
relations, imposition of exchange controls and repatriation restrictions),
social and economic events (labor strikes, rising inflation) and natural
disasters occurring in a country where the Fund invests could cause the Fund's
investments in that country to experience gains or losses. 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, and as such are subject to currency risk
described above.
LIQUIDITY RISK.
The risk that certain securities may be difficult or impossible to sell at the
time and the price that the Fund would like. The Fund may have to lower the
price, sell other securities instead or forego an investment opportunity, any
of which could have a negative effect on Fund management or performance.
VALUATION RISK.
The Fund may value certain securities at a price higher than the price at which
they can be sold. This risk may be especially pronounced for investments that
may be illiquid or may become illiquid.
7
PERFORMANCE INFORMATION
The Fund is new, and therefore has no performance history. Once the Fund has
completed a full calendar year of operations, a bar chart and table will be
included that will provide some indication of the risks of investing in the
Fund by showing the variability of the Fund's return based on net assets and
comparing the Fund's performance to a broad measure of market performance.
INVESTMENT ADVISER
Harvest Global Investments Limited
PORTFOLIO MANAGERS
Thomas Kwan, CFA, Head of Fixed Income, has been the lead portfolio manager for
the Fund since its inception.
Wonnie Chu, Portfolio Manager, has been a portfolio manager for the Fund since
its inception.
TAX INFORMATION
The distributions made by the Fund generally are taxable, and will be taxed as
ordinary income or capital gains. If you are investing through a tax-deferred
arrangement, such as a 401(k) plan or individual retirement account, you will
generally not be subject to federal taxation on Fund distributions until you
begin receiving distributions from your tax-deferred arrangement. You should
consult your tax advisor regarding the rules governing your tax-deferred
arrangement.
8
PURCHASING AND SELLING FUND SHARES
To purchase Class A Shares of the Fund for the first time, you must invest at
least $2,500 ($1,000 for individual retirement accounts ("IRAs")). Your
subsequent investments in the Fund must be made in amounts of at least $100.
Systematic planned contributions are required to be at least $100. To purchase
Institutional Class Shares of the Fund for the first time, you must invest at
least $1,000,000. There is no minimum for subsequent investments. The Fund
reserves the right to waive the minimum initial investment amount in its sole
discretion.
If you directly own your shares, you may sell your shares on any day that the
New York Stock Exchange ("NYSE") and Hong Kong Stock Exchange ("HKSE") are both
open for business (a "Business Day") by contacting the Fund directly by mail
at: Harvest Funds, P.O. Box 219009, Kansas City, MO 64121-9009 (Express Mail
Address: Harvest Funds, c/o DST Systems, Inc., 430 West 7th Street,
Kansas City, MO 64105) or telephone at 1-855-573-6994.
If you own your shares through an account with an investment professional or
other institution, contact that investment professional or institution to sell
your shares. Your broker or institution may charge a fee for its services in
addition to the fees charged by the Fund.
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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HGI-SM-001-0100