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, 2013

Date of reporting period: January 31, 2013

 

 

 

Item 1. Schedule of Investments

THE ADVISORS’ INNER CIRCLE FUND    CBRE CLARION
     LONG/SHORT FUND
     JANUARY 31, 2013
     (Unaudited)

 

SCHEDULE OF INVESTMENTS

REAL ESTATE SECURITIES ‡ — 99.0%

COMMON STOCK — 99.0%                
    Shares         Value  
DIVERSIFIED — 12.8%      

Dexus Property Group (Australia)

    14,355,147        $ 15,643,122   

Duke Realty

    643,500          9,916,335   

Liberty Property Trust (A)

    492,219          19,280,218   

Mirvac Group (Australia)

    3,979,285          6,597,838   
     

 

 

 
        51,437,513   
     

 

 

 
DIVERSIFIED REAL ESTATE ACTIVITIES — 2.8%      

CapitaLand (Singapore)

    3,507,537          11,336,119   
     

 

 

 
HOMEBUILDING — 0.7%      

TRI Pointe Homes *

    150,000          2,857,500   
     

 

 

 
INDUSTRIAL — 8.2%      

DCT Industrial Trust

    1,388,300          9,801,398   

Goodman Group (Australia)

    1,636,410          7,678,991   

Prologis

    387,900          15,477,210   
     

 

 

 
        32,957,599   
     

 

 

 
OFFICE — 20.5%      

Boston Properties

    120,700          12,707,296   

Brandywine Realty Trust

    520,576          6,626,932   

Douglas Emmett (A)

    641,054          14,949,379   

Highwoods Properties (A)

    332,300          11,962,800   

Kilroy Realty (A)

    369,400          18,433,060   

SL Green Realty (A)

    221,737          17,823,220   
     

 

 

 
        82,502,687   
     

 

 

 
REAL ESTATE DEVELOPMENT — 1.3%      

China Overseas Land & Investment (Hong Kong)

    1,700,000          5,271,811   
     

 

 

 
REAL ESTATE OPERATING COMPANY — 2.0%      

Swire Properties (Hong Kong)

    2,154,600          7,890,069   
     

 

 

 
RESIDENTIAL — 15.2%      

American Campus Communities (A)

    223,187          10,393,819   

BRE Properties (A)

    304,044          15,469,759   

Post Properties (A)

    357,778          17,355,811   

UDR (A)

    750,925          17,939,598   
     

 

 

 
        61,158,987   
     

 

 

 
RETAIL — 25.5%      

CBL & Associates Properties

    408,600          8,780,814   

THE ADVISORS’ INNER CIRCLE FUND    CBRE CLARION
     LONG/SHORT FUND
     JANUARY 31, 2013
     (Unaudited)

 

COMMON STOCK — continued                
    Shares         Value  
RETAIL — continued      

DDR (A)

    681,259        $ 11,302,087   

Federation Centres (Australia)

    3,087,297          7,501,253   

Frasers Centrepoint Trust (Singapore)

    2,916,347          4,571,335   

General Growth Properties (A)

    996,334          19,448,440   

Kimco Realty

    661,900          13,747,663   

Macerich (A)

    294,344          17,578,224   

Mapletree Commercial Trust (Singapore)

    3,875,000          4,179,796   

Westfield Retail Trust (Australia)

    4,682,060          15,672,617   
     

 

 

 
        102,782,229   
     

 

 

 
SPECIALIZED — 10.0%      

CubeSmart

    526,400          8,027,600   

Host Hotels & Resorts

    893,659          15,004,535   

Strategic Hotels & Resorts *

    1,046,400          7,649,184   

Sunstone Hotel Investors *

    838,300          9,699,131   
     

 

 

 
        40,380,450   
     

 

 

 

TOTAL COMMON STOCK
(Cost $370,429,882)

        398,574,964   
     

 

 

 

TOTAL INVESTMENTS — 99.0%
(Cost $370,429,882) @

      $ 398,574,964   
     

 

 

 
     

SECURITIES SOLD SHORT

 

REAL ESTATE SECURITIES ‡ — (45.9)%

     
COMMON STOCK — (36.4)%                
DIVERSIFIED — (8.7)%      

American Assets Trust

    (159,935 )      $ (4,622,122 ) 

First Potomac Realty Trust

    (528,915 )        (7,246,136 ) 

PS Business Parks

    (223,100 )        (15,920,416 ) 

Washington

    (252,532 )        (7,192,111 ) 
     

 

 

 
        (34,980,785 ) 
     

 

 

 
DIVERSIFIED REAL ESTATE ACTIVITIES — (2.5)%      

Henderson Land Development (Hong Kong)

    (1,419,000 )        (10,209,686 ) 
     

 

 

 
INDUSTRIAL — (1.9)%      

Ascendas (Singapore)

    (1,914,000 )        (3,912,592 ) 

STAG Industrial

    (194,800 )        (3,841,456 ) 
     

 

 

 
        (7,754,048 ) 
     

 

 

 
OFFICE — (13.6)%      

BioMed Realty Trust

    (382,000 )        (7,773,700 ) 

THE ADVISORS’ INNER CIRCLE FUND    CBRE CLARION
     LONG/SHORT FUND
     JANUARY 31, 2013
     (Unaudited)

 

COMMON STOCK — continued      
    Shares         Value  
OFFICE — continued      

Coresite Realty

    (131,700 )      $ (3,885,150 ) 

Corporate Office Properties

    (367,300 )        (9,718,758 ) 

Franklin Street Properties

    (757,070 )        (9,841,910 ) 

Mack-Cali Realty

    (442,300 )        (12,017,291 ) 

Parkway Properties

    (247,213 )        (3,915,854 ) 

Piedmont Office Realty Trust

    (397,856 )        (7,690,556 ) 
     

 

 

 
        (54,843,219 ) 
     

 

 

 
REAL ESTATE OPERATING COMPANY — (3.9)%      

Brookfield Office Properties

    (941,700 )        (15,490,965 ) 
     

 

 

 
RETAIL — (3.3)%      

Realty Income

    (301,726 )        (13,179,392 ) 
     

 

 

 
SPECIALIZED — (2.5)%      

Extra Space Storage

    (249,300 )        (9,932,112 ) 
     

 

 

 

TOTAL COMMON STOCK
(Proceeds $136,731,852)

        (146,390,207 ) 
     

 

 

 
EXCHANGE TRADED FUNDS — (9.5)%      

iShares Dow Jones U.S. Real Estate Index

    (483,300 )        (32,511,591 ) 

iShares MSCI Hong Kong Index

    (285,700 )        (5,796,853 ) 
     

 

 

 

TOTAL EXCHANGE TRADED FUNDS
(Proceeds $35,383,003)

        (38,308,444 ) 
     

 

 

 

TOTAL SECURITIES SOLD SHORT — (45.9)%
(Proceeds $172,114,855) #

      $ (184,698,651 ) 
     

 

 

 

Percentages are based on Net Assets of $402,680,448.

 

‡ Includes U.S. Real Estate Investment Trusts (“REIT”) and Real Estate Operating Companies (“REOC”) as well as entities similarly formed under the laws of non-U.S. countries.
* Non-income producing security.

MSCI — Morgan Stanley Capital International

(A) — All or a portion of this security has been committed as collateral for open short positions.

As of January 31, 2013, all of the Fund’s investments and securities sold short were considered Level 1.

THE ADVISORS’ INNER CIRCLE FUND    CBRE CLARION
     LONG/SHORT FUND
     JANUARY 31, 2013
     (Unaudited)

 

For the period ended January 31, 2013, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended January 31, 2013, there were no transfers between Level 2 and Level 3 assets and liabilities. For the period ended January 31, 2013, there were no Level 3 securities held by the Fund.

 

@ At January 31, 2013, the tax basis cost of the Fund’s investments was $370,429,882, and the unrealized appreciation and depreciation were $28,840,009 and $(694,927), respectively.
# At January 31, 2013, the tax basis proceeds of the Fund’s securities sold short were $172,114,855, and the unrealized appreciation and depreciation were $27,667 and $(12,611,463), respectively .

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels and other significant accounting policies, please refer to

Note 2 of the Fund’s most recent financial statements.

CCS-QH-001-0300

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 28, 2013      

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 28, 2013

 

By (Signature and Title)      

/s/ Michael Lawson

      Michael Lawson
      Treasurer, Controller & CFO

Date: March 28, 2013