UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

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, 2012

Date of reporting period: April 30, 2012

Item 1. Reports to Stockholders.

The Advisors’ Inner Circle Fund

Westwood LargeCap Value Fund

Westwood SMidCap Fund

Westwood SMidCap Plus Fund

Westwood SmallCap Value Fund

Westwood Income Opportunity Fund

Westwood Balanced Fund

Westwood Dividend Growth Fund

Westwood Short Duration High Yield Fund

THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

TABLE OF CONTENTS
Shareholder Letter	1
Schedules of Investments
Westwood LargeCap Value Fund	9
Westwood SMidCap Fund	11
Westwood SMidCap Plus Fund	13
Westwood SmallCap Value Fund	15
Westwood Income Opportunity Fund	17
Westwood Balanced Fund	20
Westwood Dividend Growth Fund	23
Westwood Short Duration High Yield Fund	25
Statements of Assets and Liabilities	30
Statements of Operations	32
Statements of Changes in Net Assets	34
Financial Highlights	37
Notes to Financial Statements	39
Disclosure of Fund Expenses	46
Approval of Investment Advisory Agreements	47

The Westwood Funds file their complete schedule of fund holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how a Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 877-386-3944; and (ii) on the Commission’s website at http://www.sec.gov.

THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

April 30, 2012

Dear Shareholders:

“Uncertainty is the only certainty there is, and knowing how to live with insecurity is the only security.”

- John Allen Paulos

Uncertainty and flux continue to drive the markets. The year 2011 finished with hopeful signs for 2012. Strong earnings growth, improved U.S. economic data, and optimism surrounding the European debt crisis encouraged investors.

While we didn’t quite receive a hearty ‘Santa Claus rally’ as we closed 2011, we also didn’t find a lump of coal in our stockings in December. A joint move by major central banks to significantly lower the cost of dollar funding to European banks, the European Central Bank’s (ECB) decision to extend unlimited liquidity lines to banks for up to three years, a 0.50% cut in the reserve requirement by the People’s Bank of China, and positive retail sales data post-Thanksgiving all encouraged investors.

With improved investor sentiment as the backdrop, the first three months of 2012 were characterized by rising markets and what seemed to be improved economic indicators. Better than expected gains in U.S. economic indicators drove the stock market, as represented by the S&P 500 Index, to its best first quarter since 1982. Sentiment was buoyed by a perceived improvement in the European debt situation, which was aided by the ECB funding banks via its Longer-Term Refinancing Operations (LTRO) as well as the approval of a second bailout for Greece.

More recently however, the markets have consolidated and now appear to be somewhat range bound. Employment reports have been disappointing, bringing renewed worries of a U.S. slowdown to the forefront. When coupled with the possibility of a slowdown in China and renewed fears surrounding the European debt crisis as Spain re-entered recession, investor risk aversion has once again risen. Stock correlations have fallen to 10-year lows and while U.S. economic data has softened, the data remains in a trend that is supportive of sustained expansion. The key to sustainability and growth, as always, is the consumer.

Looking forward, the outlook for the global economy remains uncertain and Europe’s problems will take time to be resolved. The U.S. economy continues to have its own issues; unemployment, rising debt levels, and remains somewhat vulnerable to events in Europe. The financial crisis in Europe could drag on but, should it remain largely contained, the impact to the U.S. economy could be dampened.

With all of the uncertainty surrounding us, we constantly remind ourselves that behind every investment is a company. We are looking for companies with good prospects that are underappreciated or undervalued by the market. If we successfully identify such companies and apply our disciplined investment process, we believe our funds will perform well over time with lower risk than the overall market. And while investing in companies that we identify as both high quality and undervalued may not always keep pace with fast rising markets, we are confident that this investment approach will produce attractive returns over the long-term.

In the U.S., we expect inflation to moderate but remain positive. This will result in negative real interest rates that provide support for the economy, but also serve as a tax on savers. With little improvement in hiring and wages, consumer spending remains tepid and demand for credit remains weak despite easier lending standards. On a more positive note, corporations should continue spending on capital improvements. And, while not a meaningful contributor to growth, housing should stabilize and begin to improve. With a global monetary easing cycle in place and the U.S. economy now more diversified among industries, we believe we will see modestly positive growth in the U.S. as the Federal Reserve maintains short-term rates near zero until late 2014.

Risks do remain in markets both domestically and abroad. Spanish bond yields are rising while Europeans reject austerity measures, the 2013 “fiscal cliff” created by potential higher U.S. tax rates is looming, and the U.S. election creates additional uncertainty. As a result, investors are turning to low volatility and income generating strategies.

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THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

Given the uncertainties, we believe our portfolios are appropriately positioned for the current environment. We will continue to seek companies that we believe have the ability to deliver sustainable growth in both revenues and profits. Our analysts carefully research each idea and look for strong balance sheets, healthy free cash flow generation and improving fundamentals. We believe our disciplined investment process, philosophy, and risk control have served us and our investors well through diverse market cycles and will help the funds navigate the volatility and uncertainty prevalent in today’s current markets.

We appreciate your continued trust and look forward to reporting to you again in six months.

A discussion of each Fund’s performance is below:

Westwood LargeCap Value Fund

The performance of the Westwood LargeCap Value Fund for the periods ended April 30, 2012, was as follows:

	6 Months			2012 Calendar  YTD
Westwood LargeCap Value Fund – I shares (WHGLX)		10.17	%		10.31	%
Westwood LargeCap Value Fund – A shares (WWLAX) (without sales charge)		10.07	%		10.20	%
Russell 1000 Value Index		11.62	%		9.99	%

Security selection in Utilities and Consumer Staples was the most additive to relative performance. In Utilities, holdings in defensive sectors such as Walgreen (WAG) and Philip Morris International (PM), in Consumer Staples, and Sempra Energy (SRE), in Utilities, performed well. Sempra Energy announced a dividend increase and plans for cash repatriation. Walgreen also benefited from perception that a dispute with Express Scripts could be resolved positively. Partially offsetting this performance however was American Electric Power (AEP), which fell as the Public Utilities Commission of Ohio disapproved a previous settlement, requiring that rates revert back to December 2011 levels. Selected other holdings moved higher on investor optimism, including Dow Chemical in the Materials & Processing sector.

Holdings within Energy and Consumer Discretionary detracted from relative performance. Consol Energy (CNX) and EQT Corporation (EQT) were negatively impacted by price declines in natural gas. General Motors (GM) and Wal-Mart Stores (WMT), in Consumer Discretionary, fell on fears that an economic slowdown would negatively impact sales, pulling the Fund’s sector performance lower. Additionally, Wal-Mart Stores fell on allegations that Wal-Mart Stores’ officials in Mexico violated the Foreign Corrupt Practices Act (FCPA) in the early 2000s while General Motors fell on news that its U.S. market share declined to a level not seen since 1922.

Within Technology, Oracle (ORCL) fell after missing investor consensus expectations for revenue across its major business lines due to weakness in Europe and Asia. Despite this miss, we believe Oracle remains one of the Fund’s most attractive holdings due to its recurring revenue stream, strong balance sheet and attractive valuation.

Within Producer Durables, holdings Xylem (XYL) and Exelis (XLS) both detracted from relative performance after their spin-off from ITT was completed. Exelis underperformed on fears of a slowing defense budget while Xylem’s exposure to Europe held it back.

Westwood SMidCap Fund

The performance of the Westwood SMidCap Fund for the periods ended April 30, 2012, was as follows:

	6 Months			2012 Calendar  YTD
Westwood SMidCap Fund		9.89	%		8.75	%
Russell 2500 Index		12.03	%		12.16	%

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THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

Security selection in the Consumer Discretionary and Health Care sectors was the primary driver of SMidCap underperformance. The worst performing securities included Big Lots (BIG), which reported disappointing earnings and reduced guidance, and Universal Technical Institute (UTI), which fell in sympathy with a weak private education industry, while enrollment trends for the institute have been somewhat negative.

Health Care’s CareFusion (CFN), experienced weaker results that were driven by slower than expected growth in their infection prevention business as well as pricing pressure in their non-differentiated disposables business. Despite expected slower growth, the company remains compelling with zero debt, a strong product mix, and stable foundations for improvement in international markets. Hologic (HOLX) was bid up as investors reacted favorably to the company’s operating trends, particularly in its Diagnostics and Breast Health divisions.

Relative performance was also hindered by Producer Durable’s Gardner Denver (GDI), which fell due to its large exposure to the natural gas industry. Cabot Oil & Gas (COG), Consol Energy (CNX), and Cloud Peak Energy (CLD) all sold off as natural gas and coal prices weakened. Navistar International (NAV), which has come under government investigation for emissions compliance and faces an increased risk of recall and underperformed. An underweight to companies highly levered to domestic consumer spending, as well as investor preference for growth stocks, was also a drag on relative performance.

Relative performance was aided by security selection in Materials & Processing and by an underweight to Utilities. Performance was boosted by the rise in Kraton Performance Polymers (KRA), which rebounded from a weak fourth quarter 2011 as investors factored in a better global growth environment and the relative value of the stock. Two of the Fund’s best performing stocks, Plains Exploration & Production (PXP) and Approach Resources (AREX), are Energy companies that benefited from the rise in crude oil prices to $100/barrel, along with stronger than expected earnings reports.

Westwood SMidCap Plus Fund

The performance of the Westwood SMidCap Plus Fund for the periods ended April 30, 2012, was as follows:

	6 Months			2012 Calendar  YTD
Westwood SMidCap Plus Fund		9.90	%		9.74	%
Russell 2500 Index		12.03	%		12.16	%

Stock selection in the Consumer Discretionary, Health Care, and Producer Durables sectors was the primary driver of underperformance. Navistar International (NAV) contributed to negative performance as the company works through the transition to higher emission compliance, while Big Lots (BIG) lowered same-store sales guidance for the first quarter. Lear (LEA) trended down on softening auto sales in Europe. Shares of Republic Services (RSG) traded down after missing first quarter earnings and reduced 2012 guidance on slower economic improvement as well as one-time items.

Relative performance was aided by positive stock selection in the Utilities, Materials & Processing, and Energy sectors. Positive contribution was led by Timken (TKR), which rallied on strong first quarter sales growth and margin expansion. Brinker International (EAT) shares rose following higher than expected same-store sales growth, while shares of Cabot Oil & Gas (COG) rallied after reporting better operating results and production trends. CMS Energy (CMS) performed well following better-than-feared results related to unfavorable weather conditions, and finally, Signet Jewelers (SIG) rallied after demonstrating solid execution in its first quarter results.

Security selection in Technology and an underweight in the defensive Utilities sector offset relative underperformance. Western Digital (WDC) rose after receiving European Union approval for the company’s merger with Hitachi Global Storage and providing a better than expected quarterly outlook due to a result of robust increase in prices.

Plains Exploration & Production benefited from the rise in crude oil prices to $100/barrel and a stronger than expected third quarter earnings report.

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THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

Westwood SmallCap Value Fund

The performance of the Westwood SmallCap Value Fund for the periods ended April 30, 2012, was as follows:

	6 Months			2012 Calendar  YTD
Westwood SmallCap Value Fund		14.73	%		12.00	%
Russell 2000 Value Index		11.47	%		9.98	%

Outperformance was driven by strong overall stock selection, especially in the Producer Durables, Materials & Processing and Health Care sectors. Holdings within Producer Durables led the way with strong earnings. Top performers TAL International Group (TAL) beat expected earnings and reported a strong outlook for the next year. Economically sensitive Producer Durables names Saia (SAIA) and EnerSys (ENS) surged along with an improvement in investor sentiment and confidence in the U.S. economy.

Health Care’s Orthofix International NV (OFIX) recently sold their lagging sports medicine division to a private equity firm and investors viewed this divestiture positively. Top performer Natus Medical (BABY), reported 2011 results and fiscal 2012 guidance that were received well by investors. Within Materials and Processing, performance was boosted by the rise in Kraton Performance Polymers (KRA), which rebounded as investors factored in a better global growth environment and the relative value of the stock.

Financial Services also performed well as banks rallied on the positive results from the U.S. “stress test” and the stabilization of the U.S. housing market. Top performing SVB Financial Group (SIVB) rebounded from their lows in the fourth quarter of 2011 due to a positive earnings surprise that was driven by growth in their loan book as well as their favorable position in the Silicon Valley market.

Within the Energy sector, “oily” stocks (those with production and revenues more levered to oil prices) fared better as oil prices climbed allowing Matrix Service (MTRX), a provider of services for oil refineries and storage tanks, to be a top performer. Detracting from relative performance were energy names related to natural gas including Pioneer Drilling (PDC) and Basic Energy Services (BAS), who both provide ancillary services to natural gas companies. Cloud Peak Energy (CLD) sold off as coal prices continued to weaken.

Detracting from relative performance were holdings in Consumer Discretionary as names in the Russell 2000 Value Index outperformed those held in the portfolio. Sales numbers for Kirkland’s Inc. (KIRK) and The Children’s Place Retail Stores (PLCE) were below investors’ expectations, while exposure to fears of a European slowdown has affected Warnaco Group’s international Calvin Klein segment.

Also hindering relative performance were Layne Christensen (LAYN), who reported poor margins and is undergoing a foreign corruption investigation, and lagging Rent-A-Center (RCII). Both names were sold for more attractive opportunities.

Westwood Income Opportunity Fund

The performance of the Westwood Income Opportunity Fund for the periods ended April 30, 2012, was as follows:

	6 Months			2012 Calendar  YTD
Westwood Income Opportunity Fund – I shares		6.90	%		4.50	%
Westwood Income Opportunity Fund – A shares (without sales charge)		6.80	%		4.36	%
Citigroup 10 -Year Treasury Index		3.75	%		0.59	%
Citigroup 3-Month Treasury Bill Index		0.02	%		0.01	%
S&P 500 Index		12.77	%		11.88	%
FTSE NAREIT Index		14.42	%		13.44	%
Blended Benchmark*		7.71	%		6.41	%

* 25% Citigroup 10-Year Treasury Index, 25% Citigroup 3-Month Treasury Bill Index, 25% S&P 500 Index, 25% FTSE NAREIT Index

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THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

While the Fund’s more economically sensitive holdings surged through the first quarter of 2012, overall performance was tempered by its broad allocation among a variety of income-producing asset classes. The Fund was overweight in common stocks, which was a positive contributor to performance; however, investor preference for high-beta equities over stable dividend payers hurt relative performance. An underweight in Real Estate Investments Trusts (“REITs”) and an overweight in Master Limited Partnerships (“MLPs”) also detracted from relative performance, partially offset by the Fund’s exposure to corporate bonds, which outperformed the broader fixed income universe as credit spreads tightened and risk premiums fell.

Top contributors included the Bank of America and the Citigroup, which rallied with the rest of the Financial Services sector on improvements in Europe, the positive results from the U.S. “stress test,” and the stabilization of the U.S. housing market. The Bank of America also benefitted from greater clarity gained on the mortgage put-back settlement and confidence in the financial viability of the company. Positive chatter surrounding Windows 8 Mobile and an attractive dividend yield drove shares of Microsoft higher.

Detractors included Eagle Rock Energy Partners, LP (EROC), whose share prices fell due to low natural gas prices and concerns about oversupply. Exterran Partners, LP (EXLP) announced a larger than expected secondary offering in the quarter, which negatively impacted unit performance.

In 2012, the Fund decreased its weights in Raytheon (RTN) and Digital Realty Trust (DLR), both of which appreciated in the fourth quarter of 2011 and approached their near-term price targets. These proceeds were used to increase the weight in PepsiCo (PEP) given its attractive valuation, strong global franchise, and consistent dividend growth. The Fund also increased its weight in Vodafone Group ADR (VOD), which offers a compelling way to gain exposure to the global adoption of wireless data services and an attractive dividend yield.

We have continued to reduce our exposure to government bonds due to the low yields and low probability of further appreciation, repositioning in corporate bonds with higher yields and non-fixed securities which offer the benefit of potential capital appreciation. While our research process continues to identify opportunities across the various asset classes utilized in the strategy, we are currently finding the most attractive investments in high quality dividend paying equities, preferred securities and in MLPs and REITs.

We continue to use the volatility in the market to opportunistically add and trim names that move in and out of favorable valuation ranges. Also, as securities in the Fund reach their target price they are sold in order to purchase other holdings that offer a more attractive return profile. Our goal continues to be to take advantage of volatility and increase our weightings in positions where we have conviction and view valuation favorably using funds from securities that have appreciated.

Westwood Balanced Fund

The performance of the Westwood Balanced Fund for the periods ended April 30, 2012, was as follows:

	6 Months			2012 Calendar  YTD
Westwood Balanced Fund		6.91	%		6.82	%
S&P 500 Index		12.77	%		11.88	%
Barclays U.S. Government/Credit Index		2.50	%		1.43	%
Blended Benchmark*		8.61	%		7.64	%

* 60% S&P 500 Index/40% Barclays U.S. Government/Credit Index

Stock selection in the Consumer Discretionary, Health Care, and Producer Durables sectors was the primary driver of underperformance. Navistar International (NAV) contributed to negative performance as the company works through the transition to higher emission compliance, while Big Lots (BIG) lowered same-store sales guidance for the first quarter. Lear (LEA) trended down on softening auto sales in Europe. Shares of Republic Services (RSG) traded down after missing first quarter earnings and reduced 2012 guidance on slower economic improvement as well as one-time items.

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THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

Relative performance was aided by positive stock selection in the Utilities, Materials & Processing, and Energy sectors. Positive contribution was led by Timken (TKR), which rallied on strong first quarter sales growth and margin expansion. Brinker International (EAT) shares rose following higher than expected same-store sales growth, while shares of Cabot Oil & Gas (COG) rallied after reporting better operating results and production trends. CMS Energy (CMS) performed well following better-than-feared results related to unfavorable weather conditions, and finally, Signet Jewelers (SIG) rallied after demonstrating solid execution in its first quarter results.

Security selection in Technology and an underweight in the defensive Utilities sector offset relative underperformance. Western Digital (WDC) rose after receiving European Union approval for the company’s merger with Hitachi Global Storage and providing a better than expected quarterly outlook due to a result of robust increase in prices.

Plains Exploration & Production benefited from the rise in crude oil prices to $100/barrel and a stronger than expected third quarter earnings report.

Westwood Dividend Growth Fund

The performance of the Westwood Dividend Growth Fund for the periods ended April 30, 2012, was as follows:

	6 Months			2012 Calendar  YTD
Westwood Dividend Growth Fund		10.70	%		8.65	%
S&P 500 Index		12.77	%		11.88	%

The stock market rally for the six month period was driven by a recovery in the cyclical segment of the overall economy, triggered by lower inflation and increasing prospects for a recovering economy. The sector most aided by lower inflation, Consumer Discretionary, was the best performing sector. Consumer confidence continues to increase, with lower energy prices and a declining unemployment rate. Other economically sensitive sectors, Financials and Technology, were strong during the period, as stress tests and strong earnings reports buoyed the prospects for these economically sensitive sectors. The worst performing sectors for the six month period included Materials, Energy & Utilities. Materials & Energy were negatively influenced by lower inflation & commodity prices.

Relative performance was helped by stock selection in Consumer Discretionary and Financials. Lowe’s (LOW) was the best performing holding for the period returning over 50% as the housing market finally showed signs of recovery. Wells Fargo (WFC) and US Bancorp (USB) both posted strong returns, as the U.S. Government approved both company’s capital plans allowing the companies to increase dividend payouts and repurchase shares.

Relative performance was hindered by underweight positions in Technology and Consumer Discretionary. Also hindering performance was stock selection in the Technology, Industrial and Health Care sectors. Although the portfolio held many strong positions in Technology, stock selection in the sector was hurt more by what was not owned, i.e. Apple (AAPL), than by what was owned in the portfolio. Apple, a large part of the S&P 500 Index, rose sharply due to investor optimism for continued strong growth in earnings and cash flow.

Westwood Short Duration High Yield Fund

The performance of the Westwood Short Duration High Yield Fund for the periods ended April 30, 2012, was as follows:

	Cumulative Since Inception (12/28/11)
Westwood Short Duration High Yield Fund		1.72	%
BofA Merrill Lynch U.S. High Yield Master II Index		6.45	%

“Risk assets” led markets higher and the U.S. high yield market registered a solid start to 2012. The BofA Merrill Lynch U.S. High Yield Master II Index, which represents the broad high yield market including long duration securities, gained

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THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

6.22% for the first four months of 2012 and 6.45% since inception of the Fund. As expected in a risk-on period, lower-rated, more speculative securities outperformed higher rated issues. Similarly, long duration bonds, outperformed shorter duration ones.

The Short Duration High Yield fund was launched at the end of 2011 and was in ramp-up mode in early 2012, but still managed to capture a modestly positive return of 1.72% through April 2012. The portfolio benefited from the overall strength in the high yield market, although some of the upside was capped by the shorter duration and better quality nature of the holdings.

The new-issue market remained strong, allowing companies to again re-finance near-term maturities. A consensus view that rates would remain low for an extended period of time provided the backdrop for high yield companies to issue debt to lock in today’s relatively low absolute cost of funds. With many existing bonds trading at or near their current call prices, capital appreciation was limited in the Fund. Nevertheless, there have been some incremental return opportunities as companies offer some additional compensation for the ability to take out their debt prior to maturity or a call date.

Sincerely,

The Investment Team

The Westwood Funds

This represents the managers’ assessment of the Funds and the market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.

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THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

Definition of the Comparative Indices

Citigroup 3-Month Treasury Bill Index is an unmanaged index composed of three-month Treasury bills.

Citigroup 10-Year Treasury Index is an unmanaged index composed of ten-year Treasury bonds and notes.

FTSE NAREIT Index is an unmanaged capitalization-weighted index that includes all tax qualified REITs listed in the New York Stock Exchange, the NASDAQ National Market System and the American Stock Exchange.

Barclays U.S. Government/Credit Index is a fixed-income market value-weighted index that combines the Lehman Brothers U.S. Government Index and the Barclays U.S. Credit Index. It includes securities issued by the U.S. Government (i.e., securities in the Treasury and Agency Indices), publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements.

Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000 Value Index measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which represents approximately 16% of the total market capitalization of the Russell 3000 Index.

S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic stock market through changes in the aggregate market value of 500 stocks representing all major industries.

BofA Merrill Lynch U.S. High Yield Master II Index tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P, and Fitch) and an investment grade rated country of risk (based on an average of Moody’s, S&P and Fitch foreign currency long term sovereign debt ratings).

8

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD LARGECAP VALUE FUND
	(FORMERLY WHG LARGECAP VALUE FUND)
	APRIL 30, 2012 (Unaudited)

Sector Weightings†:

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 98.9%
	Shares		Value
CONSUMER DISCRETIONARY — 10.2%
Comcast, Cl A		118,100	$	3,581,973
General Motors*		148,700		3,420,100
Time Warner		93,900		3,517,494
Wal-Mart Stores		63,100		3,717,221
Walt Disney		86,400		3,724,704
				17,961,492
CONSUMER STAPLES — 7.2%
CVS Caremark		83,000		3,703,460
PepsiCo		59,700		3,940,200
Philip Morris International		19,900		1,781,249
Walgreen		101,200		3,548,072
				12,972,981
ENERGY — 14.1%
Anadarko Petroleum		47,700		3,492,117
Apache		36,800		3,530,592
Chevron		34,600		3,686,976
Consol Energy		116,700		3,879,108
EQT		71,200		3,547,184
Marathon Oil		116,400		3,415,176
Occidental Petroleum		40,200		3,667,044
				25,218,197
FINANCIAL SERVICES — 20.1%
ACE		46,800		3,555,396
AFLAC		80,700		3,634,728
American International Group*		111,100		3,780,733
Ameriprise Financial		67,500		3,659,175
Bank of America		407,600		3,305,636
CIT Group*		95,100		3,599,535
Franklin Resources		14,400		1,807,344
JPMorgan Chase		81,500		3,502,870
MetLife		97,500		3,512,925
Travelers		28,000		1,800,960
Wells Fargo		110,100		3,680,643
				35,839,945

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — 18.2%
Abbott Laboratories		86,500	$	5,368,190
Baxter International		63,000		3,490,830
Covidien		64,600		3,567,858
Johnson & Johnson		55,100		3,586,459
Merck		97,500		3,825,900
Novartis ADR		64,200		3,541,914
Pfizer		80,800		1,852,744
St. Jude Medical		96,000		3,717,120
Teva Pharmaceutical Industries ADR		78,500		3,590,590
				32,541,605
MATERIALS & PROCESSING — 2.1%
Dow Chemical		108,800		3,686,144
PRODUCER DURABLES — 9.9%
Boeing		50,600		3,886,080
Deere		23,900		1,968,404
General Dynamics		25,900		1,748,250
Honeywell International		62,400		3,785,184
Union Pacific		31,450		3,536,238
Xylem		98,900		2,757,332
				17,681,488
TECHNOLOGY — 11.0%
Cisco Systems		59,500		1,198,925
Dell*		230,200		3,768,374
Intel		131,200		3,726,080
Microsoft		166,300		5,324,926
Oracle		124,000		3,644,360
TE Connectivity		51,800		1,888,628
				19,551,293
UTILITIES — 6.1%
American Electric Power		92,400		3,588,816
Sempra Energy		55,700		3,606,018
Vodafone Group ADR		130,200		3,623,466
				10,818,300
Total Common Stock (Cost $141,791,993)				176,271,445
Total Investments — 98.9% (Cost $141,791,993)			$	176,271,445

Percentages are based upon Net Assets of $178,229,968.

The accompanying notes are an integral part of the financial statements.

9

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD LARGECAP VALUE FUND
	(FORMERLY WHG LARGECAP VALUE FUND)
	APRIL 30, 2012 (Unaudited)

* Non-income producing security.

ADR – American Depositary Receipt

Cl – Class

As of April 30, 2012, all of the Fund’s investments are Level 1, in accordance with ASC-820.

For the six months ended April 30, 2012, there were no transfers between Level 1 and Level 2 assets and liabilities.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

10

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD SMIDCAP FUND
	(FORMERLY WHG SMIDCAP FUND)
	APRIL 30, 2012 (Unaudited)

Sector Weightings†:

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 99.2%
	Shares		Value
CONSUMER DISCRETIONARY — 17.4%
Big Lots*		232,435	$	8,516,419
BorgWarner*		111,400		8,805,056
Brinker International		133,562		4,203,196
Childrens Place Retail Stores*		82,524		3,794,454
Family Dollar Stores		65,933		4,453,774
Kirkland’s*		140,549		2,057,637
Lear		180,076		7,473,154
PetSmart		72,900		4,247,154
Signet Jewelers		191,457		9,337,358
Tupperware Brands		146,500		9,125,485
Universal Technical Institute		222,954		2,675,448
Visteon*		174,962		8,777,843
				73,466,978
CONSUMER STAPLES — 4.7%
Dr. Pepper Snapple Group		127,155		5,159,950
JM Smucker		131,451		10,467,443
Molson Coors Brewing, Cl B		98,900		4,112,262
				19,739,655
ENERGY — 9.1%
Cabot Oil & Gas		132,515		4,656,577
Chesapeake Midstream Partners LP (A)		135,587		3,888,635
Cloud Peak Energy*		254,731		3,920,310
Consol Energy		258,265		8,584,729
Plains Exploration & Production*		208,500		8,517,225
Swift Energy*		294,574		8,910,863
				38,478,339
FINANCIAL SERVICES — 19.4%
Aspen Insurance Holdings		300,225		8,502,372
Axis Capital Holdings		242,126		8,237,127
BankUnited		347,790		8,555,634
BBCN Bancorp*		189,275		2,078,240

COMMON STOCK — continued
	Shares		Value
FINANCIAL SERVICES — continued
East West Bancorp		389,400	$	8,866,638
First Financial Bancorp		520,510		8,749,773
HCC Insurance Holdings		275,400		8,801,784
Lazard, Cl A		306,471		8,431,017
PrivateBancorp, Cl A		86,657		1,363,115
Safety Insurance Group		91,338		3,639,819
SVB Financial Group*		76,836		4,924,419
Willis Group Holdings		115,079		4,195,780
Wintrust Financial		144,322		5,214,354
				81,560,072
HEALTH CARE — 5.8%
CareFusion*		369,930		9,584,886
DENTSPLY International		111,786		4,589,933
Hologic*		414,846		7,931,856
Orthofix International NV*		52,932		2,181,857
				24,288,532
MATERIALS & PROCESSING — 11.9%
Albemarle		64,596		4,218,119
Aptargroup		154,906		8,443,926
Cabot Microelectronics		84,660		2,910,611
Eastman Chemical		96,298		5,197,203
Kraton Performance Polymers*		300,603		7,815,678
Packaging Corp of America		282,940		8,259,018
Timken		236,857		13,384,789
				50,229,344
PRODUCER DURABLES — 13.4%
AGCO*		98,777		4,600,045
BE Aerospace*		115,326		5,423,782
Colfax*		163,570		5,543,387
Foster Wheeler*		383,919		8,830,137
Harsco		416,928		9,297,495
Hubbell, Cl B		119,182		9,563,164
Navistar International*		217,032		7,368,236
Quanex Building Products		241,322		4,447,564
TMS International, Cl A*		132,900		1,605,432
				56,679,242
REAL ESTATE INVESTMENT TRUSTS — 2.4%
DiamondRock Hospitality		524,610		5,576,604
Digital Realty Trust		62,350		4,681,862
				10,258,466
TECHNOLOGY — 11.0%
Global Payments		237,664		11,034,739

The accompanying notes are an integral part of the financial statements.

11

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD SMIDCAP FUND
	(FORMERLY WHG SMIDCAP FUND)
	APRIL 30, 2012 (Unaudited)

COMMON STOCK — continued
	Shares		Value
TECHNOLOGY — continued
j2 Global		318,761	$	8,233,597
Jack Henry & Associates		249,497		8,472,918
KLA-Tencor		89,200		4,651,780
Tellabs		2,677,710		10,094,967
Western Digital*		97,707		3,792,009
				46,280,010
UTILITIES — 4.1%
CMS Energy		368,100		8,462,619
Wisconsin Energy		234,400		8,635,296
				17,097,915
Total Common Stock (Cost $370,826,119)				418,078,553
SHORT-TERM INVESTMENT — 0.9%
SEI Daily Income Trust, Government Money Market Fund, Cl A, 0.020% (B) (Cost $3,721,228)		3,721,228		3,721,228
Total Investments — 100.1% (Cost $374,547,347)			$	421,799,781

Percentages are based upon Net Assets of $421,395,579.

* Non-income producing security.

(A) Security considered Master Limited Partnership. At April 30, 2012, the security amounted to $3,888,635 or 0.9% of Net Assets.

(B) The rate reported is the 7-day effective yield as of April 30, 2012.

Cl – Class

LP – Limited Partnership

As of April 30, 2012, all of the Fund’s investments were considered Level 1, in accordance with ASC-820.

For the six months ended April 30, 2012, there were no transfers between Level 1 and Level 2 assets and liabilities.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

12

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD SMIDCAP PLUS FUND
	(FORMERLY WHG SMIDCAP PLUS FUND)
	APRIL 30, 2012 (Unaudited)

Sector Weightings†:

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 95.9%
	Shares		Value
CONSUMER DISCRETIONARY — 16.0%
Big Lots*		9,700	$	355,408
BorgWarner*		4,200		331,968
Brinker International		6,300		198,261
Family Dollar Stores		2,600		175,630
Lear		8,100		336,150
PetSmart		6,400		372,864
Signet Jewelers		7,100		346,267
Tupperware Brands		5,900		367,511
Visteon*		7,300		366,241
				2,850,300
CONSUMER STAPLES — 6.1%
Dr. Pepper Snapple Group		8,600		348,988
JM Smucker		5,300		422,039
Molson Coors Brewing, Cl B		7,600		316,008
				1,087,035
ENERGY — 8.6%
Cabot Oil & Gas		5,200		182,728
Chesapeake Midstream Partners LP (A)		5,500		157,740
Consol Energy		10,100		335,724
EQT		7,000		348,740
Plains Exploration & Production*		8,800		359,480
Rowan*		4,200		145,026
				1,529,438
FINANCIAL SERVICES — 15.0%
Aspen Insurance Holdings		6,200		175,584
Axis Capital Holdings		10,600		360,612
BankUnited		14,300		351,780
East West Bancorp		15,900		362,043
HCC Insurance Holdings		12,000		383,520
Invesco		13,600		337,824
Lazard, Cl A		12,100		332,871

COMMON STOCK — continued
	Shares		Value
FINANCIAL SERVICES — continued
SVB Financial Group*		3,200	$	205,088
Willis Group Holdings		4,300		156,778
				2,666,100
HEALTH CARE — 8.4%
Boston Scientific*		31,000		194,060
CareFusion*		17,800		461,198
DENTSPLY International		4,700		192,982
Hologic*		16,500		315,480
Laboratory Corp of America Holdings*		3,800		333,982
				1,497,702
MATERIALS & PROCESSING — 11.2%
Airgas		2,100		192,444
Albemarle		2,800		182,840
Aptargroup		6,400		348,864
Eastman Chemical		3,700		199,689
Packaging Corp of America		11,200		326,928
Republic Services, Cl A		10,900		298,333
Timken		7,800		440,778
				1,989,876
PRODUCER DURABLES — 12.3%
AGCO*		3,700		172,309
BE Aerospace*		7,200		338,616
Colfax*		6,600		223,674
Foster Wheeler*		17,500		402,500
Harsco		16,800		374,640
Hubbell, Cl B		4,800		385,152
Navistar International*		8,600		291,970
				2,188,861
REAL ESTATE INVESTMENT TRUSTS — 4.1%
Alexandria Real Estate Equities		4,800		359,616
Digital Realty Trust		2,382		178,864
Liberty Property Trust		5,200		189,540
				728,020
TECHNOLOGY — 11.2%
Amphenol, Cl A		3,500		203,490
CA		6,200		163,804
Fiserv*		2,500		175,725
Global Payments		9,500		441,085
Jack Henry & Associates		10,100		342,996
KLA-Tencor		3,400		177,310

The accompanying notes are an integral part of the financial statements.

13

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD SMIDCAP PLUS FUND
	(FORMERLY WHG SMIDCAP PLUS FUND)
	APRIL 30, 2012 (Unaudited)

COMMON STOCK — continued
	Shares		Value
TECHNOLOGY — continued
Lam Research*		4,000	$	166,600
Western Digital*		8,200		318,242
				1,989,252
UTILITIES — 3.0%
CMS Energy		15,300		351,747
Wisconsin Energy		4,800		176,832
				528,579
Total Common Stock (Cost $16,225,255)				17,055,163
SHORT-TERM INVESTMENT — 3.9%
SEI Daily Income Trust, Government Money Market Fund, Cl A, 0.020% (B) (Cost $690,930)		690,930		690,930
Total Investments — 99.8% (Cost $16,916,185)			$	17,746,093

Percentages are based upon Net Assets of $17,784,892.

* Non-income producing security.

(A) Security considered Master Limited Partnership. At April 30, 2012, the security amounted to $157,740 or 0.9% of Net Assets.

(B) The rate reported is the 7-day effective yield as of April 30, 2012.

Cl – Class

LP – Limited Partnership

As of April 30, 2012, all of the Fund’s investments were considered Level 1, in accordance with ASC-820.

For the six months ended April 30, 2012, there were no transfers between Level 1 and Level 2 assets and liabilities.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

14

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD SMALLCAP VALUE FUND
	(FORMERLY WHG SMALLCAP VALUE FUND)
	APRIL 30, 2012 (Unaudited)

Sector Weightings†:

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 93.1%
	Shares		Value
CONSUMER DISCRETIONARY — 10.7%
Brinker International		10,200	$	320,994
Childrens Place Retail Stores*		14,200		652,916
Kirkland’s*		36,008		527,157
Saks*		60,300		660,888
Warnaco Group*		12,400		656,704
Wolverine World Wide		16,700		700,565
				3,519,224
CONSUMER STAPLES — 2.0%
J&J Snack Foods		11,729		657,528
ENERGY — 8.8%
Basic Energy Services*		22,300		321,120
Bonanza Creek Energy*		15,251		335,064
Cloud Peak Energy*		39,700		610,983
Gastar Exploration*		112,500		316,125
Gulfport Energy*		12,700		332,867
Matrix Service*		48,335		659,773
Pioneer Drilling*		41,800		329,384
				2,905,316
FINANCIAL SERVICES — 22.2%
AMERISAFE*		24,400		651,968
Bancfirst		7,600		316,920
BBCN Bancorp*		56,593		621,391
Chemical Financial		29,150		643,341
Columbia Banking System		32,000		655,680
Employers Holdings		18,600		322,152
First Financial Bancorp		39,000		655,590
Knight Capital Group, Cl A*		48,900		642,546
Safety Insurance Group		15,619		622,417
State Bank Financial*		37,908		653,913
SVB Financial Group*		12,200		781,898
Wintrust Financial		20,000		722,600
				7,290,416

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — 4.4%
Natus Medical*		60,454	$	739,957
Orthofix International NV*		16,719		689,157
				1,429,114
MATERIALS & PROCESSING — 2.1%
Kaydon		12,200		299,266
Kraton Performance Polymers*		15,391		400,166
				699,432
PRODUCER DURABLES — 17.0%
AO Smith		14,250		678,300
EnerSys*		19,100		667,545
Genesee & Wyoming, Cl A*		6,100		328,851
Harsco		28,720		640,456
Hurco*		13,440		353,875
Landstar System		12,200		653,554
Moog, Cl A*		15,100		638,277
Quanex Building Products		16,900		311,467
Saia*		36,300		681,714
TAL International Group		15,600		644,436
				5,598,475
REAL ESTATE INVESTMENT TRUSTS — 9.5%
Coresite Realty		13,880		345,751
Cubesmart		25,900		325,304
DCT Industrial Trust		112,000		664,160
DiamondRock Hospitality		61,500		653,745
Healthcare Realty Trust		15,411		331,028
Potlatch		20,900		654,170
Summit Hotel Properties		14,800		123,728
				3,097,886
TECHNOLOGY — 9.5%
CACI International, Cl A*		10,700		654,091
Heartland Payment Systems		10,459		318,686
j2 Global		24,300		627,669
Pervasive Software*		45,300		280,407
SYNNEX*		16,808		640,217
Tellabs		78,900		297,453
Veeco Instruments*		10,400		313,976
				3,132,499
UTILITIES — 6.9%
ALLETE		16,000		659,360
Cleco		7,500		306,000
NorthWestern		18,700		664,224

The accompanying notes are an integral part of the financial statements.

15

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD SMALLCAP VALUE FUND
	(FORMERLY WHG SMALLCAP VALUE FUND)
	APRIL 30, 2012 (Unaudited)

COMMON STOCK — continued
	Shares		Value
UTILITIES — continued
Portland General Electric		24,700	$	638,001
				2,267,585
Total Common Stock (Cost $26,984,799)				30,597,475
SHORT-TERM INVESTMENT — 9.2%
SEI Daily Income Trust, Government Money Market Fund, Cl A, 0.020% (A) (Cost $3,034,283)		3,034,283		3,034,283
Total Investments — 102.3% (Cost $30,019,082)			$	33,631,758

Percentages are based upon Net Assets of $32,881,050.

* Non-income producing security.

(A) The rate reported is the 7-day effective yield as of April 30, 2012.

Cl – Class

As of April 30, 2012, all of the Fund’s investments were considered Level 1, in accordance with ASC-820.

For the six months ended April 30, 2012, there were no transfers between Level 1 and Level 2 assets and liabilities.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

16

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD INCOME OPPORTUNITY FUND
	(FORMERLY WHG INCOME OPPORTUNITY FUND)
	APRIL 30, 2012 (Unaudited)

Sector Weightings†:

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 55.7%
	Shares		Value
CONSUMER DISCRETIONARY — 2.4%
Time Warner		229,100	$	8,582,086
Wal-Mart Stores		139,700		8,229,727
				16,811,813
CONSUMER STAPLES — 4.8%
General Mills		432,398		16,815,958
PepsiCo		256,300		16,915,800
				33,731,758
ENERGY — 13.9%
Chesapeake Midstream Partners LP (A)		279,055		8,003,297
Chevron		112,500		11,988,000
Eagle Rock Energy Partners LP (A)		145,812		1,430,416
El Paso Pipeline Partners LP (A)		347,400		11,766,438
Energy Transfer Equity LP (A)		295,255		12,388,900
Enterprise Products Partners LP (A)		252,441		13,010,809
Exterran Partners LP (A)		273,100		6,101,054
Exxon Mobil		156,700		13,529,478
Magellan Midstream Partners (A)		186,219		13,188,030
Oiltanking Partners LP (A)		146,222		4,281,380
Plains All American Pipeline LP (A)		99,600		8,160,228
Spectra Energy		282,500		8,684,050
				112,532,080
FINANCIAL SERVICES — 3.4%
Travelers		144,900		9,319,968
HEALTH CARE — 7.2%
Abbott Laboratories		282,800		17,550,568
Bristol-Myers Squibb		245,900		8,205,683

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Johnson & Johnson		257,100	$	16,734,639
Novartis ADR		153,600		8,474,112
				50,965,002
MATERIALS & PROCESSING — 2.4%
EI Du Pont de Nemours		319,400		17,075,124
PRODUCER DURABLES — 3.5%
Automatic Data Processing		145,100		8,070,462
Boeing		105,100		8,071,680
Raytheon		157,843		8,545,620
				24,687,762
REAL ESTATE INVESTMENT TRUSTS — 5.4%
Alexandria Real Estate Equities		109,524		8,205,538
Digital Realty Trust		70,110		5,264,560
Mack-Cali Realty		298,700		8,578,664
Rayonier		192,350		8,723,073
Washington Real Estate Investment Trust		233,800		6,908,790
				37,680,625
TECHNOLOGY — 4.7%
Intel		596,500		16,940,600
Microsoft		511,500		16,378,230
				33,318,830
UTILITIES — 8.0%
American Electric Power		198,100		7,694,204
AT&T		261,900		8,619,129
Nextera Energy		130,200		8,378,370
Southern		126,300		5,802,222
Vodafone Group ADR		622,900		17,335,307
Xcel Energy		321,900		8,710,614
				56,539,846
Total Common Stock (Cost $348,495,496)				392,662,808
PREFERRED STOCK — 13.2%
CONSUMER DISCRETIONARY — 0.8%
General Motors, Ser B, 4.750%		144,000		5,621,760
FINANCIAL SERVICES — 9.6%
Axis Capital Holdings, 6.875%*		90,762		2,355,274
Bank of America, Ser D, 6.204%		705,009		16,906,116
BB&T, 5.850%*		151,000		3,775,000

The accompanying notes are an integral part of the financial statements.

17

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD INCOME OPPORTUNITY FUND
	(FORMERLY WHG INCOME OPPORTUNITY FUND)
	APRIL 30, 2012 (Unaudited)

PREFERRED STOCK — continued
	Shares/ Face Amount		Value
FINANCIAL SERVICES — continued
Citigroup, 7.500%		145,584	$	14,190,072
Hartford Financial Services Group, Ser F, 7.250%		245,700		5,265,351
JPMorgan Chase Capital XXVIII, 7.200%		662,600		17,181,218
MetLife, 5.000%		118,700		8,165,373
				67,838,404
REAL ESTATE INVESTMENT TRUSTS — 0.4%
Public Storage, 5.900%		100,000		2,588,000
UTILITIES — 2.4%
Dominion Resources, Ser A, 8.375%		230,383		6,577,435
Nextera Energy Capital, Ser E, 7.450%		178,599		4,725,729
PPL, 8.750%		108,600		5,590,728
				16,893,892
Total Preferred Stock (Cost $95,449,473)				92,942,056
CORPORATE OBLIGATIONS — 9.0%
CONSUMER STAPLES — 0.2%
Philip Morris International 6.875%, 03/17/14	$	1,100,000		1,229,361
ENERGY — 1.4%
Anadarko Petroleum 5.950%, 09/15/16		2,750,000		3,179,396
BHP Billiton Finance USA 5.500%, 04/01/14		1,250,000		1,363,646
Marathon Oil 5.900%, 03/15/18		1,000,000		1,177,794
Total Capital 3.000%, 06/24/15		3,825,000		4,031,772
				9,752,608
FINANCIAL SERVICES — 3.5%
Bank of America MTN 5.650%, 05/01/18		6,550,000		6,927,463
Barclays Bank , Ser 1 5.000%, 09/22/16		4,350,000		4,693,597
Citigroup 6.375%, 08/12/14		2,250,000		2,426,389
JPMorgan Chase 6.300%, 04/23/19		3,500,000		4,098,070

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIAL SERVICES — continued
Teva Pharmaceutical Finance IV 3.650%, 11/10/21	$	6,500,000	$	6,735,664
				24,881,183
PRODUCER DURABLES — 0.7%
Boeing 6.000%, 03/15/19		2,000,000		2,489,780
CSX 6.250%, 04/01/15		2,000,000		2,300,000
				4,789,780
REAL ESTATE INVESTMENT TRUSTS — 0.4%
Vornado Realty 4.250%, 04/01/15		2,750,000		2,879,731
TECHNOLOGY — 2.1%
Arrow Electronics 6.000%, 04/01/20		2,500,000		2,758,548
Hewlett-Packard 1.550%, 05/30/14		3,000,000		3,010,263
Intel 3.300%, 10/01/21		7,000,000		7,397,628
Oracle 4.950%, 04/15/13		1,700,000		1,775,089
				14,941,528
UTILITIES — 0.7%
AT&T 6.700%, 11/15/13		1,100,000		1,198,669
Sempra Energy 2.000%, 03/15/14		3,500,000		3,560,501
				4,759,170
Total Corporate Obligations (Cost $60,255,128)				63,233,361
U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.7%
FHLMC 5.500%, 07/18/16		2,250,000		2,681,638
3.750%, 03/27/19		8,000,000		9,146,936
				11,828,574
FNMA 5.375%, 06/12/17		2,750,000		3,335,818
2.750%, 02/05/14		7,000,000		7,306,439
2.625%, 11/20/14		10,000,000		10,562,130
				21,204,387
Total U.S. Government Agency Obligations (Cost $31,484,686)				33,032,961

The accompanying notes are an integral part of the financial statements.

18

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD INCOME OPPORTUNITY FUND
	(FORMERLY WHG INCOME OPPORTUNITY FUND)
	APRIL 30, 2012 (Unaudited)

U.S. TREASURY OBLIGATIONS — 3.6%
	Face Amount/ Shares		Value
U.S. Treasury Inflationary Protection Securities 2.500%, 07/15/16	$	1,972,793	$	2,308,629
1.375%, 07/15/18		6,387,348		7,402,336
1.375%, 01/15/20		5,000,800		5,837,264
				15,548,229
U.S. Treasury Bond 3.375%, 11/15/19		6,250,000		7,123,050
U.S. Treasury Note 3.250%, 05/31/16		2,250,000		2,487,305
Total U.S. Treasury Obligations (Cost $22,476,769)				25,158,584
SHORT-TERM INVESTMENT — 13.5%
SEI Daily Income Trust, Government Money Market Fund, Cl A, 0.020% (B) (Cost $94,978,306)		94,978,306		94,978,306
Total Investments — 99.7% (Cost $653,139,858)			$	702,008,076

Percentages are based upon Net Assets of $704,181,500.

* Non-income producing security.

(A) Securities considered Master Limited Partnership. At April 30, 2012, these securities amounted to $78,330,552 or 11.1% of Net Assets.

(B) The rate reported is the 7-day effective yield as of April 30, 2012.

ADR – American Depositary Receipt

Cl – Class

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

LP – Limited Partnership

MTN – Medium Term Note

Ser – Series

The following is a summary of the inputs used as of April 30, 2012 when valuing the Fund’s investments:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	392,662,808	$	—	$	—	$	392,662,808
Preferred Stock		92,942,056		—		—		92,942,056
Corporate Obligations		—		63,233,361		—		63,233,361
U.S. Government Agency Obligations		—		33,032,961		—		33,032,961
U.S. Treasury Obligations		—		25,158,584		—		25,158,584
Short-Term Investment		94,978,306		—		—		94,978,306
Total Investments in Securities	$	580,583,170	$	121,424,906	$	—	$	702,008,076

For the six months ended April 30, 2012, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended April 30, 2012, there were no transfers between Level 2 and Level 3 assets and liabilities.

Amounts designated as “—” are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

19

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD BALANCED FUND
	(FORMERLY WHG BALANCED FUND)
	APRIL 30, 2012 (Unaudited)

Sector Weightings†:

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 61.2%
	Shares		Value
CONSUMER DISCRETIONARY — 6.3%
Comcast, Cl A		4,400	$	133,452
General Motors*		5,500		126,500
Time Warner		3,900		146,094
Wal-Mart Stores		2,400		141,384
Walt Disney		2,900		125,019
				672,449
CONSUMER STAPLES — 4.6%
CVS Caremark		3,400		151,708
PepsiCo		2,000		132,000
Philip Morris International		800		71,608
Walgreen		3,600		126,216
				481,532
ENERGY — 8.3%
Anadarko Petroleum		1,600		117,136
Apache		1,300		124,722
Chevron		1,300		138,528
Consol Energy		3,800		126,312
EQT		2,600		129,532
Marathon Oil		4,100		120,294
Occidental Petroleum		1,400		127,708
				884,232
FINANCIAL SERVICES — 12.4%
ACE		2,000		151,940
AFLAC		2,700		121,608
American International Group*		3,800		129,314
Ameriprise Financial		2,400		130,104
Bank of America		13,800		111,918
CIT Group*		3,100		117,335
Franklin Resources		800		100,408
JPMorgan Chase		2,800		120,344

COMMON STOCK — continued
	Shares		Value
FINANCIAL SERVICES — continued
MetLife		3,600	$	129,708
Travelers		1,200		77,184
Wells Fargo		3,700		123,691
				1,313,554
HEALTH CARE — 11.3%
Abbott Laboratories		3,500		217,210
Baxter International		2,100		116,361
Covidien		2,500		138,075
Johnson & Johnson		2,000		130,180
Merck		3,200		125,568
Novartis ADR		2,200		121,374
Pfizer		2,900		66,497
St. Jude Medical		3,400		131,648
Teva Pharmaceutical Industries ADR		3,200		146,368
				1,193,281
MATERIALS & PROCESSING — 1.4%
Dow Chemical		4,500		152,460
PRODUCER DURABLES — 6.5%
Boeing		2,000		153,600
Deere		800		65,888
General Dynamics		1,000		67,500
Honeywell International		2,700		163,782
Union Pacific		1,100		123,684
Xylem		4,000		111,520
				685,974
TECHNOLOGY — 6.7%
Cisco Systems		2,100		42,315
Dell*		7,300		119,501
Intel		5,100		144,840
Microsoft		6,000		192,120
Oracle		4,800		141,072
TE Connectivity		2,000		72,920
				712,768
UTILITIES — 3.7%
American Electric Power		3,100		120,404
Sempra Energy		2,300		148,902
Vodafone Group ADR		4,500		125,235
				394,541
Total Common Stock (Cost $5,300,288)				6,490,791

The accompanying notes are an integral part of the financial statements.

20

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD BALANCED FUND
	(FORMERLY WHG BALANCED FUND)
	APRIL 30, 2012 (Unaudited)

CORPORATE OBLIGATIONS — 13.9%
	Face Amount		Value
ENERGY — 4.0%
Apache 5.250%, 04/15/13	$	75,000	$	78,335
BHP Billiton Finance USA 5.500%, 04/01/14		75,000		81,819
General Electric 5.000%, 02/01/13		75,000		77,480
Marathon Oil 5.900%, 03/15/18		75,000		88,334
XTO Energy 6.500%, 12/15/18		75,000		97,051
				423,019
FINANCIAL SERVICES — 4.1%
Ace INA Holdings 5.600%, 05/15/15		100,000		112,691
Barclays Bank , Ser 1 5.000%, 09/22/16		50,000		53,949
Berkshire Hathaway 5.125%, 09/15/12		75,000		76,260
Citigroup MTN 5.500%, 10/15/14		75,000		79,923
JPMorgan Chase 6.300%, 04/23/19		100,000		117,088
				439,911
PRODUCER DURABLES — 0.8%
Burlington Northern Santa Fe 5.650%, 05/01/17		75,000		88,298
REAL ESTATE INVESTMENT TRUSTS — 0.5%
Vornado Realty 4.250%, 04/01/15		50,000		52,359
TECHNOLOGY — 2.0%
Intel 3.300%, 10/01/21		100,000		105,680
Oracle 4.950%, 04/15/13		100,000		104,417
				210,097
UTILITIES — 2.5%
AT&T 6.700%, 11/15/13		50,000		54,485
Sempra Energy 2.000%, 03/15/14		75,000		76,297
Southern 4.150%, 05/15/14		50,000		53,359

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
UTILITIES — continued
Vodafone Group 4.150%, 06/10/14	$	75,000	$	79,997
				264,138
Total Corporate Obligations (Cost $1,377,640)				1,477,822
U.S. TREASURY OBLIGATIONS — 9.4%
U.S. Treasury Bond 3.375%, 11/15/19		100,000		113,969
U.S. Treasury Inflationary Protection Securities 2.500%, 07/15/16		84,548		98,941
2.125%, 01/15/19		79,529		96,378
1.375%, 07/15/18		105,576		122,353
1.375%, 01/15/20		105,280		122,890
				440,562
U.S. Treasury Notes 5.125%, 05/15/16		105,000		123,908
3.625%, 08/15/19		100,000		115,758
0.750%, 08/15/13		100,000		100,664
0.625%, 07/31/12		100,000		100,125
				440,455
Total U.S. Treasury Obligations (Cost $898,047)				994,986
U.S. GOVERNMENT AGENCY OBLIGATIONS — 9.1%
FHLMC 5.250%, 04/18/16		100,000		117,487
5.125%, 07/15/12		100,000		101,045
3.750%, 03/27/19		150,000		171,505
				390,037
FNMA 5.375%, 06/12/17		100,000		121,302
5.000%, 04/15/15		60,000		67,887
4.375%, 03/15/13		275,000		281,864
2.625%, 11/20/14		100,000		105,622
				576,675
Total U.S. Government Agency Obligations (Cost $907,854)				966,712

The accompanying notes are an integral part of the financial statements.

21

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD BALANCED FUND
	(FORMERLY WHG BALANCED FUND)
	APRIL 30, 2012 (Unaudited)

SHORT-TERM INVESTMENT — 6.5%
	Shares		Value
SEI Daily Income Trust, Government Money Market Fund, Cl A, 0.020% (A) (Cost $694,531)		694,531	$	694,531
Total Investments — 100.1% (Cost $9,178,360)			$	10,624,842

Percentages are based upon Net Assets of $10,609,372.

* Non-income producing security.

(A) The rate reported is the 7-day effective yield as of April 30, 2012.

ADR – American Depositary Receipt

Cl – Class

FHLMC – Federal Home Loan Mortgage Corporation

FNMA – Federal National Mortgage Association

MTN – Medium Term Note

Ser – Series

The following is a summary of the inputs used as of April 30, 2012 when valuing the Fund’s investments:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	6,490,791	$	—	$	—	$	6,490,791
Corporate Obligations		—		1,477,822		—		1,477,822
U.S. Treasury Obligations		—		994,986		—		994,986
U.S. Government Agency Obligations		—		966,712		—		966,712
Short-Term Investment		694,531		—		—		694,531
Total Investments in Securities	$	7,185,322	$	3,439,520	$	—	$	10,624,842

For the six months ended April 30, 2012, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended April 30, 2012, there were no transfers between Level 2 and Level 3 assets and liabilities.

Amounts designated as “—” are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

22

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD DIVIDEND GROWTH FUND
	(FORMERLY WHG DIVIDEND GROWTH FUND)
	APRIL 30, 2012 (Unaudited)

Sector Weightings†:

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 98.6%
	Shares		Value
CONSUMER DISCRETIONARY — 4.1%
Darden Restaurants		42,800	$	2,143,424
Lowe’s		40,900		1,287,123
				3,430,547
CONSUMER STAPLES — 15.8%
Colgate-Palmolive		7,300		722,262
Dr. Pepper Snapple Group		53,000		2,150,740
General Mills		63,400		2,465,626
McCormick		14,600		816,286
PepsiCo		36,300		2,395,800
Procter & Gamble		33,000		2,100,120
Sysco		28,000		809,200
Walgreen		48,200		1,689,892
				13,149,926
ENERGY — 8.4%
Chevron		22,400		2,386,944
ConocoPhillip		33,700		2,413,931
Kinder Morgan* (A)		9,574		—
Occidental Petroleum		24,050		2,193,841
				6,994,716
FINANCIAL SERVICES — 17.6%
ACE		33,700		2,560,189
AFLAC		27,200		1,225,088
Endurance Specialty Holdings		30,000		1,205,400
MetLife		46,000		1,657,380
T. Rowe Price Group		25,650		1,618,900
US Bancorp		61,600		1,981,672
Waddell & Reed Financial, Cl A		53,100		1,698,138
Wells Fargo		80,100		2,677,743
				14,624,510
HEALTH CARE — 7.6%
Abbott Laboratories		26,900		1,669,414
Johnson & Johnson		31,550		2,053,590

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Pfizer		56,550	$	1,296,691
UnitedHealth Group		22,684		1,273,706
				6,293,401
MATERIALS & PROCESSING — 11.0%
Compass Minerals International		25,100		1,920,652
Ecolab		13,400		853,446
EI Du Pont de Nemours		31,700		1,694,682
Freeport-McMoran Copper & Gold		48,900		1,872,870
PPG Industries		17,000		1,789,080
Republic Services, Cl A		39,600		1,083,852
				9,214,582
PRODUCER DURABLES — 14.5%
Boeing		20,500		1,574,400
Emerson Electric		48,950		2,571,833
Parker Hannifin		21,600		1,894,104
Raytheon		39,000		2,111,460
Union Pacific		12,800		1,439,232
United Technologies		30,300		2,473,692
				12,064,721
REAL ESTATE INVESTMENT TRUSTS — 2.1%
Digital Realty Trust		23,700		1,779,633
TECHNOLOGY — 12.5%
Cisco Systems		63,300		1,275,495
Intel		90,700		2,575,880
International Business Machines		6,100		1,263,188
j2 Global		40,900		1,056,447
Microchip Technology		43,400		1,533,756
Microsoft		82,900		2,654,458
				10,359,224
UTILITIES — 5.0%
CenturyLink		42,200		1,627,232
Vodafone Group ADR		89,200		2,482,436
				4,109,668
Total Common Stock (Cost $72,998,133)				82,020,928

The accompanying notes are an integral part of the financial statements.

23

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD DIVIDEND GROWTH FUND
	(FORMERLY WHG DIVIDEND GROWTH FUND)
	APRIL 30, 2012 (Unaudited)

SHORT-TERM INVESTMENT — 1.6%
	Shares		Value
Federated Prime Money Market Obligations Fund, 0.170% (B) (Cost $1,307,224)		1,307,224	$	1,307,224
Total Investments — 100.2% (Cost $74,305,357)			$	83,328,152

Percentages are based on Net Assets of $83,131,432.

* Non-income producing security.

(A) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such security as of April 30, 2012 was $0 and represented 0.0% of net assets.

(B) The rate shown is the 7-day effective yield as of April 30, 2012

ADR – American Depositary Receipt

Cl – Class

The following is a summary of the inputs used as of April 30, 2012 when valuing the Fund’s investments:

Investments in Securities	Level 1		Level 2		Level 3			Total
Common Stock	$	82,020,928	$	—	$	—	*	$	82,020,928
Short-Term Investment		1,307,224		—		—			1,307,224
Total Investments in Securities	$	83,328,152	$	—	$	—		$	83,328,152

* Represents securities labeled as Level 3 in which the market value is $0 or has been rounded to $0.

For the six months ended April 30, 2012, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the six months ended April 30, 2012, there were no transfers between Level 2 and Level 3 assets and liabilities.

Amounts designated as “—” are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

24

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD SHORT DURATION HIGH YIELD FUND
	APRIL 30, 2012 (Unaudited)

Sector Weightings†:

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 94.1%
	Face Amount		Value
CONSUMER DISCRETIONARY — 27.9%
ACCO Brands 7.625%, 08/15/15	$	105,000	$	107,669
AMC Entertainment 8.000%, 03/01/14		44,000		44,220
ARAMARK Holdings PIK 8.625%, 05/01/16 (A)		110,000		112,614
Avis Budget Car Rental 7.750%, 05/15/16		320,000		328,400
CCO Holdings 7.875%, 04/30/18		235,000		254,388
Cinemark USA 8.625%, 06/15/19		140,000		155,575
Clear Channel Communications 5.750%, 01/15/13		375,000		372,188
Coleman Cable 9.000%, 02/15/18		75,000		79,125
Corrections Corp of America 7.750%, 06/01/17		40,000		43,400
Delta Air Lines 9.500%, 09/15/14 (A)		229,000		243,312
DISH DBS 7.125%, 02/01/16		45,000		49,837
Gannett 9.375%, 11/15/17		150,000		169,500
Gray Television 10.500%, 06/29/15		375,000		393,750
GWR Operating Partnershilp 10.875%, 04/01/17		120,000		135,000
Harrahs 5.375%, 12/15/13		120,000		111,000
Harrahs 11.250%, 06/01/17		150,000		165,750
KAR Auction Services 4.547%, 05/01/14 (B)		125,000		124,687
Lamar Media 9.750%, 04/01/14		40,000		45,250

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
CONSUMER DISCRETIONARY — continued
Level 3 Communications 11.875%, 02/01/19	$	50,000	$	56,750
Lin Television 8.375%, 04/15/18		225,000		233,437
McJunkin Red Man 9.500%, 12/15/16		100,000		110,250
MDC Partners Inc 11.000%, 11/01/16 (A)		150,000		163,125
Mediacom Broadcom 8.500%, 10/15/15		217,000		223,510
MGM Resorts International 6.625%, 07/15/15		310,000		322,400
5.875%, 02/27/14		15,000		15,525
NCL 11.750%, 11/15/16		255,000		296,437
9.500%, 11/15/18 (A)		75,000		82,875
Nielsen Finance 11.625%, 02/01/14		40,000		46,300
Nielsen Finance 7.750%, 10/15/18		80,000		88,400
Peninsula Gaming 8.375%, 08/15/15		275,000		290,297
Prestige Brands 8.250%, 04/01/18		200,000		219,000
Regal Entertainment 9.125%, 08/15/18		250,000		276,875
Royal Carrbbean Cruises 11.875%, 07/15/15		50,000		60,500
Salem Communication 9.625%, 12/15/16		275,000		305,250
Scientific Games International 9.250%, 06/15/19		250,000		276,875
7.875%, 06/15/16		65,000		67,681
Sealy 10.875%, 04/15/16 (A)		100,000		108,501
ServiceMaster 10.750%, 07/15/15 (A)		36,964		38,582
Sinclair Television Group 9.250%, 11/01/17 (A)		200,000		223,000
8.375%, 10/15/18		105,000		114,713
Southern States 11.250%, 05/15/15		100,000		107,250
Ticketmaster Entertainment 10.750%, 08/01/16		230,000		246,675
Tomkins 9.000%, 10/01/18		305,000		339,312

The accompanying notes are an integral part of the financial statements.

25

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD SHORT DURATION HIGH YIELD FUND
	APRIL 30, 2012 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
CONSUMER DISCRETIONARY — continued
Tower Auto Holdings 10.625%, 09/01/17 (A)	$	300,000	$	322,125
Toys R Us Property 10.750%, 07/15/17		340,000		374,000
United Auto Group 7.750%, 12/15/16		250,000		260,315
United Rentals North America 10.875%, 06/15/16		75,000		84,844
West 8.625%, 10/01/18		175,000		192,063
WMG 9.500%, 06/15/16		270,000		294,975
				8,777,507
CONSUMER STAPLES — 8.3%
Bausch & Lomb 9.875%, 11/01/15		110,000		115,775
Burger King 9.875%, 10/15/18		125,000		142,031
Chiquita Brands 7.500%, 11/01/14		215,000		217,688
CKE Restaurants 11.375%, 07/15/18		100,000		115,250
Dean Food 9.750%, 12/15/18		115,000		128,297
Dollar General 11.875%, 07/15/17 (B)		40,000		43,200
Hanesbrands 8.000%, 12/15/16		45,000		49,556
Jarden 8.000%, 05/01/16		40,000		43,775
JBS USA 11.625%, 05/01/14		210,000		241,500
Levi Strauss 8.875%, 04/01/16		60,000		61,951
Liz Claiborne 10.500%, 04/15/19 (A)		150,000		168,375
Michael Stores 13.000%, 11/01/16 (C)		255,000		271,256
Neiman Marcus Group 10.375%, 10/15/15		40,000		41,900
New Albertsons 7.250%, 05/01/13		80,000		83,600
PEP Boys 7.500%, 12/15/14		107,000		108,606
Pinnacle Foods 9.250%, 04/01/15		90,000		92,250

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
CONSUMER STAPLES — continued
Revlon Consumer Products 9.750%, 11/15/15	$	164,000	$	176,915
Reynolds Group Issuer 7.750%, 10/15/16 (A)		60,000		63,450
Rite Aid 9.375%, 12/15/15		75,000		76,688
6.875%, 08/15/13		275,000		283,938
Stater Brothers Holdings 7.750%, 04/15/15		28,000		28,630
Yankee Candle 9.750%, 02/15/17		45,000		47,025
8.500%, 02/15/15		12,000		12,300
				2,613,956
ENERGY — 9.4%
Antero Resources 9.375%, 12/01/17		135,000		147,488
Arch Coal 8.750%, 08/01/16		125,000		125,313
Bill Barrett 9.875%, 07/15/16		30,000		33,300
CCS 11.000%, 11/15/15		85,000		88,825
Chaparral Energy 8.875%, 02/01/17		161,000		168,749
Chesapeake Energy 9.500%, 02/15/15		225,000		245,250
6.775%, 03/15/19		115,000		111,837
Cloud Peak Energy 8.250%, 12/15/17		60,000		60,600
Coffeyville Resources 9.000%, 04/01/15 (A)		125,000		133,437
Encore Acquisition 9.500%, 05/01/16		70,000		77,000
Energy XXI 9.250%, 12/15/17		125,000		137,187
Forest Oil 8.500%, 02/15/14		165,000		177,375
7.250%, 06/15/19		20,000		19,750
Hornbeck Offshore Services 8.000%, 09/01/17		50,000		54,000
Murray Energy 10.250%, 10/15/15 (A)		75,000		71,250
Newfield Exploration 7.125%, 05/15/18		200,000		213,000
6.625%, 04/15/16		50,000		51,125

The accompanying notes are an integral part of the financial statements.

26

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD SHORT DURATION HIGH YIELD FUND
	APRIL 30, 2012 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
ENERGY — continued
Quicksilver Resources 11.750%, 01/01/16	$	275,000	$	289,437
7.750%, 08/01/15		55,000		55,275
Sandridge Energy 9.875%, 05/15/16		75,000		83,250
Stone Energy 8.625%, 02/01/17		150,000		157,875
6.750%, 12/15/14		50,000		50,250
Swift Energy 7.125%, 06/01/17		75,000		77,438
Tesoro 6.625%, 11/01/15		320,000		327,200
				2,956,211
FINANCIAL SERVICES — 8.4%
Aircastle 9.750%, 08/01/18		85,000		93,713
Ally FInancial 8.300%, 02/12/15		285,000		312,788
CIT Group 4.750%, 02/15/15		175,000		178,500
Credit Acceptance 9.125%, 02/01/17		110,000		119,625
DJO Finance 10.875%, 11/15/14		350,000		357,000
Ford Motor Credit 7.000%, 10/01/13		45,000		48,147
7.000%, 04/15/15		125,000		139,375
5.625%, 09/15/15		100,000		108,385
Hub International Holding 9.000%, 12/15/14 (A)		205,000		208,587
Ineos Finance 9.000%, 05/15/15 (A)		275,000		294,937
International Lease Finance MTN 5.650%, 06/01/14		135,000		138,038
5.625%, 09/20/13		70,000		71,225
International Lease Finance 8.625%, 09/15/15		175,000		193,813
6.375%, 03/25/13		50,000		51,250
Nuveen Investments 5.500%, 09/15/15		283,000		257,530
Nuveen Investments 10.500%, 11/15/15		75,000		77,437
				2,650,350

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
HEALTH CARE — 5.5%
Alere 9.000%, 05/15/16	$	100,000	$	103,375
Biomet 11.625%, 10/15/17		235,000		254,975
Biomet PIK 10.375%, 10/15/17		45,000		48,656
CHS 8.875%, 07/15/15		74,000		76,405
HCA 6.375%, 01/15/15		40,000		42,800
HealthSouth 8.125%, 02/15/20		175,000		190,750
Omnicare 7.750%, 06/01/20		100,000		110,000
Prospect Medical Holdings 12.750%, 07/15/14		200,000		218,000
Select Medical 7.625%, 02/01/15		200,000		202,000
Tenet Healthcare 9.250%, 02/01/15		166,000		185,505
Universal Hospital Services 8.500%, 06/01/15		160,000		163,900
Valeant Pharmaceuticals PIK 6.500%, 07/15/16 (A)		125,000		129,531
				1,725,897
MATERIALS & PROCESSING — 13.0%
Abi Escrow 10.250%, 10/15/18		250,000		290,000
Appleton Papers 10.500%, 06/15/15 (A)		100,000		104,500
Beazer Homes USA 12.000%, 10/15/17		245,000		265,978
Berry Plastics 8.250%, 11/15/15 (A)		30,000		32,025
Boise Paper Holdings 9.000%, 11/01/17		285,000		317,062
Castle 12.750%, 12/15/16 (A)		115,000		124,775
Clearwater Paper 10.625%, 06/15/16		65,000		73,125
Essar Steel 9.375%, 03/15/15 (A)		150,000		154,875
FMG Resources 7.000%, 11/01/15 (A)		310,000		320,850
Georgia Gulf 9.000%, 01/12/17		150,000		166,500

The accompanying notes are an integral part of the financial statements.

27

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD SHORT DURATION HIGH YIELD FUND
	APRIL 30, 2012 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
MATERIALS & PROCESSING — continued
Gibraltar Industries 8.000%, 12/01/15	$	75,000	$	77,156
Graphic Packaging International 7.875%, 10/01/18		60,000		66,600
Huntsman International 5.500%, 06/30/16		293,000		293,366
KB Home 5.875%, 01/15/15		175,000		170,188
Lennar 5.600%, 05/31/15		40,000		41,700
Longview Fibre Paper & Packaging 8.000%, 06/01/16 (A)		325,000		328,250
Masco 5.875%, 07/15/12		100,000		100,555
MasTec 7.625%, 02/01/17		40,000		41,650
Metals USA 11.125%, 12/01/15		224,000		233,940
NOVA Chemicals 8.625%, 11/01/19		50,000		57,000
Packaging Dynamics 8.750%, 02/01/16 (A)		300,000		318,750
PE Paper Escrow 12.000%, 08/01/14 (A)		160,000		172,800
Pulte Group 5.200%, 02/15/15		50,000		51,500
Sealed Air 7.875%, 06/15/17		40,000		43,287
Solutia 8.750%, 11/01/17		40,000		45,200
Steel Dynamics 6.750%, 04/01/15		200,000		203,500
				4,095,132
PRODUCER DURABLES — 3.6%
Alliant Techsystems 6.750%, 04/01/16		335,000		342,956
American Axle & Manufacturing Holdings 9.250%, 01/15/17 (A)		55,000		61,187
BE Aerospace 8.500%, 07/01/18		50,000		55,375
Bway 10.000%, 06/15/18		45,000		49,500
Case New Holland 7.750%, 09/01/13		40,000		42,700
Esterline Technologies 6.625%, 03/01/17		30,000		31,013

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
PRODUCER DURABLES — continued
Kratos Defense 10.000%, 06/01/17	$	100,000	$	107,500
Lear 7.875%, 03/15/18		155,000		169,725
Sequa 13.500%, 12/01/15 (A)		60,000		63,675
Sequa 11.750%, 12/01/15 (A)		75,000		79,594
Terex 10.875%, 06/01/16		105,000		118,912
				1,122,137
REAL ESTATE INVESTMENT TRUST — 1.8%
DuPont Fabros Technology 8.500%, 12/15/17		175,000		192,938
Felcor Lodging 10.000%, 10/01/14		110,000		126,500
Host Hotels & Resorts 9.000%, 05/15/17		100,000		111,000
6.875%, 11/01/14		28,000		28,490
Rouse 7.200%, 09/15/12		100,000		101,500
				560,428
TECHNOLOGY — 5.9%
Advanced Micro Devices 8.125%, 12/15/17		210,000		231,000
Amkor Technologies 7.375%, 05/01/18		145,000		155,150
CDW 12.535%, 10/12/17		310,000		337,900
Freescale Semiconductors 9.250%, 04/15/18 (A)		175,000		191,844
Intelsat Jackson Holdings 11.250%, 06/15/16		265,000		278,581
Magnachip Semiconductor 10.500%, 04/15/18		205,000		230,112
NXP Funding 9.750%, 08/01/18 (A)		305,000		348,463
Seagate Technology 10.000%, 05/01/14 (A)		40,000		45,100
Sungard Data Systems 10.250%, 08/15/15		40,000		41,450
				1,859,600

The accompanying notes are an integral part of the financial statements.

28

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD SHORT DURATION HIGH YIELD FUND
	APRIL 30, 2012 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
UTILITIES — 10.3%
AES 9.750%, 04/15/16	$	26,000	$	30,680
Allbritton Communication 8.000%, 05/15/18		275,000		292,875
Calpine Construction 8.000%, 06/01/16 (A)		275,000		298,375
Cequel 8.625%, 11/15/17 (A)		150,000		162,000
Cincinnati Bell 8.250%, 10/15/17		140,000		144,900
Cincinnati Bell 7.000%, 02/15/15		110,000		111,100
Citizens Communications 6.625%, 03/15/15		25,000		26,250
Frontier Communications 7.875%, 04/15/15		300,000		325,500
Level 3 Financing 8.750%, 02/15/17		225,000		234,000
Nextel Communications 7.375%, 08/01/15		285,000		276,450
5.950%, 03/15/14		94,000		93,883
North American Energy Alliance 10.875%, 06/01/16		35,000		38,500
NRG Energy 7.375%, 01/15/17		338,000		351,097
Paetec Holding 8.875%, 06/30/17		75,000		81,938
RRI Energy 7.625%, 06/15/14		125,000		127,500
TW Telecom 8.000%, 03/01/18		140,000		153,300
Viasystems 12.000%, 01/15/15 (A)		250,000		269,375
Virgin Media Finance 8.375%, 10/15/19		190,000		213,275
				3,230,998
Total Corporate Obligations (Cost $29,558,372)				29,592,216
Total Investments — 94.1% (Cost $29,558,372)			$	29,592,216

Percentages are based upon Net Assets of $31,455,189.

(A) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers who are “Qualified Institutional Buyers.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

(B) Floating rate security - Rate disclosed is the rate in effect on April 30, 2012.

(C) Step Bonds - The rate reflected on the Schedule of Investments is the effective yield on April 30, 2012. The coupon on a step bond changes on a specified date.

MTN – Medium Term Note

PIK – Payment-in-Kind

As of April 30, 2012, all of the Fund’s investments were considered Level 2, in accordance with ASC-820.

For the six months ended April 30, 2012, there were no transfers between Level 1 and Level 2 assets and liabilities.

Amounts designated as “—” are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

29

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD FUNDS
	APRIL 30, 2012 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES
	Westwood LargeCap Value Fund			Westwood SMidCap Fund		Westwood SMidCap Plus Fund			Westwood SmallCap Value Fund
Assets:
Investments, at Value (Cost $141,791,993, $374,547,347, $16,916,185 and $30,019,082, respectively)	$	176,271,445		$	421,799,781	$	17,746,093		$	33,631,758
Receivable for Investment Securities Sold		3,996,790			1,349,995		43,831			526,302
Dividends and Income Receivable		172,587			152,841		6,609			10,043
Receivable for Capital Shares Sold		79,059			156,932		1,000			9,538
Reclaims Receivable		3,146			—		—			—
Receivable from Investment Adviser		—			—		9,868			1,658
Prepaid Expenses		17,143			16,516		17,758			14,564
Total Assets		180,540,170			423,476,065		17,825,159			34,193,863
Liabilities:
Payable for Investment Securities Purchased		1,190,145			732,107		—			1,253,564
Payable for Capital Shares Redeemed		268,843			957,431		—			6,131
Payable due to Investment Adviser		110,914			259,848		10,644			21,633
Payable due to Administrator		8,649			20,263		830			1,489
Payable due to Trustees		1,458			2,964		102			211
Chief Compliance Officer Fees Payable		1,305			2,648		109			180
Payable for Distribution Fees — Class A		917			—		—			—
Payable to Custodian		700,870			—		—			—
Other Accrued Expenses		27,101			105,225		28,582			29,605
Total Liabilities		2,310,202			2,080,486		40,267			1,312,813
Net Assets	$	178,229,968		$	421,395,579	$	17,784,892		$	32,881,050
NET ASSETS CONSIST OF:
Paid-in Capital	$	135,966,820		$	371,000,256	$	17,319,679		$	28,351,945
Undistributed Net Investment Income		733,057			1,789,876		13,753			50.882
Accumulated Net Realized Gain (Loss) on Investments		7,050,639			1,353,013		(378,448	)		865,547
Net Unrealized Appreciation on Investments		34,479,452			47,252,434		829,908			3,612,676
Net Assets	$	178,229,968		$	421,395,579	$	17,784,892		$	32,881,050
Institutional Class Shares
Net Assets	$	173,675,881		$	421,395,579	$	17,784,892		$	32,881,050
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		15,758,071			30,016,169		1,815,612			3,262,605
Net Asset Value, Offering and Redemption Price Per Share	$	11.02		$	14.04	$	9.80		$	10.08
Class A Shares
Net Assets	$	4,554,087			N/A		N/A			N/A
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		413,366			N/A		N/A			N/A
Net Asset Value and Redemption Price Per Share	$	11.02			N/A		N/A			N/A
Maximum Offering Price per share	$	11.60			N/A		N/A			N/A
	($	11.02 ÷ 95.00	%)		N/A		N/A			N/A

Amounts designated as “—” are either $0 or have been rounded to $0.

N/A — Not Applicable.

The accompanying notes are an integral part of the financial statements.

30

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD FUNDS
	APRIL 30, 2012 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES
	Westwood Income Opportunity Fund			Westwood Balanced Fund			Westwood Dividend Growth Fund		Westwood Short Duration High Yield Fund
Assets:
Investments, at Value (Cost $653,139,858, $9,178,360, $74,305,357 and $29,558,372, respectively)	$	702,008,076		$	10,624,842		$	83,328,152	$	29,592,216
Receivable for Capital Shares Sold		4,070,811			240			10,886		3,100
Dividends and Income Receivable		2,055,804			34,717			136,407		681,455
Receivable for Investment Securities Sold		921,392			—			—		—
Reclaims Receivable		—			113			—		—
Receivable from Investment Adviser		—			5,186			—		7,471
Cash		—			—			—		1,755,632
Deferred Offering Costs		—			—			—		52,572
Prepaid Expenses		31,427			7,826			18,526		2,428
Total Assets		709,087,510			10,672,924			83,493,971		32,094,874
Liabilities:
Payable for Investment Securities Purchased		3,775,000			42,002			290,347		610,055
Payable for Capital Shares Redeemed		592,129			—			5,000		—
Payable due to Investment Adviser		442,317			6,472			50,466		18,920
Payable due to Administrator		32,875			505			3,936		1,475
Payable for Distribution Fees — Class A		10,298			—			—		—
Payable due to Trustees		3,969			73			533		109
Chief Compliance Officer Fees Payable		3,884			67			506		87
Other Accrued Expenses		45,538			14,433			11,751		9,039
Total Liabilities		4,906,010			63,552			362,539		639,685
Net Assets	$	704,181,500		$	10,609,372		$	83,131,432	$	31,455,189
NET ASSETS CONSIST OF:
Paid-in Capital	$	656,812,015		$	10,178,211		$	70,795,229	$	31,408,388
Undistributed Net Investment Income		1,606,277			10,733			438,482		14,403
Accumulated Net Realized Gain (Loss) on Investments		(3,105,010	)		(1,026,054	)		2,874,926		(1,446	)
Net Unrealized Appreciation on Investments		48,868,218			1,446,482			9,022,795		33,844
Net Assets	$	704,181,500		$	10,609,372		$	83,131,432	$	31,455,189
Institutional Class Shares
Net Assets	$	649,355,775		$	10,609,372		$	83,131,432	$	31,455,189
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		53,915,131			975,840			7,607,446		3,130,487
Net Asset Value, Offering and Redemption Price Per Share	$	12.04		$	10.87		$	10.93	$	10.05
Class A Shares
Net Assets	$	54,825,725			N/A			N/A		N/A
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		4,555,557			N/A			N/A		N/A
Net Asset Value and Redemption Price Per Share	$	12.03			N/A			N/A		N/A
Maximum Offering Price per share	$	12.66			N/A			N/A		N/A
	($	12.03 ÷ 95.00	%)		N/A			N/A		N/A

Amounts designated as “—” are either $0 or have been rounded to $0.

N/A — Not Applicable.

The accompanying notes are an integral part of the financial statements.

31

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD FUNDS
	FOR THE SIX MONTHS ENDED
	APRIL 30, 2012 (Unaudited)

STATEMENTS OF OPERATIONS
	Westwood LargeCap Value Fund			Westwood SMidCap Fund			Westwood SMidCap Plus Fund			Westwood SmallCap Value Fund
Investment Income
Dividends	$	2,607,178		$	4,621,397		$	124,257		$	271,829
Less: Foreign Taxes Withheld		(10,848	)		—			—			—
Total Investment Income		2,596,330			4,621,397			124,257			271,829
Expenses
Investment Advisory Fees		762,831			1,559,727			60,271			128,487
Administration Fees		61,288			125,038			4,827			9,095
Distribution Fees — Class A		5,526			—			—			—
Trustees’ Fees		5,480			10,628			399			769
Chief Compliance Officer Fees		2,086			4,115			158			294
Transfer Agent Fees		32,442			32,875			8,764			10,032
Registration and Filing Fees		21,194			14,892			10,575			9,020
Professional Fees		18,138			25,305			11,136			11,640
Printing Fees		7,376			14,495			581			1,031
Custodian Fees		6,866			9,658			1,553			3,347
Offering Costs		—			—			29,502			—
Shareholder Servicing Fees		—			172,123			8,036			27,655
Other Expenses		6,739			11,716			1,327			1,947
Total Expenses		929,966			1,980,572			137,129			203,317
Less:
Waiver of Investment Advisory Fees		—			—			(56,766	)		(14,360	)
Advisory Waiver Recapture		77,977			—			—			—
Fee Paid Indirectly		(61	)		(13	)		(1	)		(2	)
Net Expenses		1,007,882			1,980,559			80,362			188,955
Net Investment Income		1,588,448			2,640,838			43,895			82,874
Net Realized Gain (Loss) on Investments		9,808,371			2,846,730			(368,883	)		1,096,809
Net Change in Unrealized Appreciation on Investments		9,176,127			33,589,333			1,972,374			2,807,707
Net Realized and Unrealized Gain on Investments		18,984,498			36,436,063			1,603,491			3,904,516
Net Increase in Net Assets Resulting from Operations	$	20,572,946		$	39,076,901		$	1,647,386		$	3,987,390

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

32

THE ADVISORS’ INNER CIRCLE FUND	WESTWOOD FUNDS
	FOR THE SIX MONTHS/PERIOD ENDED
	APRIL 30, 2012 (Unaudited)

STATEMENTS OF OPERATIONS
	Westwood Income Opportunity Fund			Westwood Balanced Fund			Westwood Dividend Growth Fund			Westwood Short Duration High Yield Fund(1)
Investment Income
Dividends	$	9,038,960		$	81,002		$	1,086,782		$	—
Interest		1,482,885			58,381			—			389,347
Less: Foreign Taxes Withheld		(1,875	)		(348	)		(3,891	)		–
Total Investment Income		10,519,970			139,035			1,082,891			389,347
Expenses
Investment Advisory Fees		2,215,887			38,744			292,248			48,122
Administration Fees		177,216			3,107			23,422			3,793
Distribution Fees — Class A		55,240			—			—			—
Trustees’ Fees		14,291			265			1,973			189
Chief Compliance Officer Fees		5,583			102			760			87
Transfer Agent Fees		50,720			8,625			12,915			6,086
Registration and Filing Fees		33,752			8,757			16,001			490
Professional Fees		30,479			10,944			13,219			8,529
Printing Fees		20,260			357			6,837			320
Custodian Fees		10,464			2,484			1,721			1,235
Offering Costs		—			—			—			21,062
Other Expenses		13,559			4,398			2,880			2,467
Total Expenses		2,627,451			77,783			371,976			92,380
Less:
Waiver of Investment Advisory Fees		—			(31,289	)		—			(34,638	)
Advisory Waiver Recapture		86,962			—			13,807			—
Fees Paid Indirectly		(189	)		(1	)		(9	)		(1	)
Net Expenses		2,714,224			46,493			385,774			57,741
Net Investment Income		7,805,746			92,542			697,117			331,606
Net Realized Gain (Loss) on Investments		5,659,226			163,110			4,891,332			(1,446	)
Net Change in Unrealized Appreciation on Investments		25,956,454			439,546			2,488,934			33,844
Net Realized and Unrealized Gain on Investments		31,615,680			602,656			7,380,266			32,398
Net Increase in Net Assets Resulting from Operations	$	39,421,426		$	695,198		$	8,077,383		$	364,004

Amounts designated as “—” are either $0 or have been rounded to $0.

(1) Commenced Operations December 28, 2011.

The accompanying notes are an integral part of the financial statements.

33

THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

STATEMENTS OF CHANGES IN NET ASSETS
	Westwood LargeCap Value Fund						Westwood SMidCap Fund
	Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
Operations:
Net Investment Income (Loss)	$	1,588,448		$	2,845,860		$	2,640,838		$	1,444,325
Net Realized Gain (Loss) on Investments		9,808,371			13,738,936			2,846,730			55,177,028
Net Change in Unrealized Appreciation (Depreciation) on Investments		9,176,127			(4,907,569	)		33,589,333			(36,920,916	)
Net Increase (Decrease) in Net Assets Resulting from Operations		20,572,946			11,677,227			39,076,901			19,700,437
Dividends and Distributions:
Net Investment Income:
Institutional Class		(3,050,353	)		(2,046,596	)		(1,883,166	)		(1,377,325	)
Class A		(49,207	)		(31,954	)		—			—
Net Realized Gains:
Institutional Class		—			—			(47,803,396	)		(3,500,875	)
Total Dividends and Distributions		(3,099,560	)		(2,078,550	)		(49,686,562	)		(4,878,200	)
Capital Share Transactions:
Institutional Class:
Issued		14,537,896			41,706,763			47,049,728			133,305,621
Reinvestment of Dividends		2,296,738			1,564,376			42,378,653			4,109,608
Redeemed		(76,150,275	)		(51,125,912	)		(61,401,927	)		(92,010,079	)
Increase (Decrease) in Institutional Class Capital Share Transactions		(59,315,641	)		(7,854,773	)		28,026,454			45,405,150
Class A:
Issued		209,612			801,966			N/A			N/A
Reinvestment of Dividends		49,206			31,954			N/A			N/A
Redeemed		(432,429	)		(2,068,084	)		N/A			N/A
Increase (Decrease) in Class A Capital Share Transactions		(173,611	)		(1,234,164	)		N/A			N/A
Net Increase (Decrease) in Net Assets from Capital Share		(59,489,252	)		(9,088,937	)		28,026,454			45,405,150
Total Increase (Decrease) in Net Assets		(42,015,866	)		509,740			17,416,793			60,227,387
Net Assets:
Beginning of Period	$	220,245,834		$	219,736,094		$	403,978,786		$	343,751,399
End of Period	$	178,229,968		$	220,245,834		$	421,395,579		$	403,978,786
Undistributed Net Investment Income	$	733,057		$	2,244,169		$	1,789,876		$	1,032,204
Shares Issued and Redeemed:
Institutional Class:
Issued		1,416,134			4,038,375			3,439,757			8,704,494
Reinvestment of Dividends		228,759			153,070			3,414,587			272,827
Redeemed		(7,156,286	)		(5,023,594	)		(4,432,669	)		(6,111,091	)
Total Institutional Class Transactions		(5,511,393	)		(832,149	)		2,421,675			2,866,230
Class A:
Issued		19,777			75,940			N/A			N/A
Reinvestment of Dividends		4,901			3,124			N/A			N/A
Redeemed		(40,848	)		(199,488	)		N/A			N/A
Total Class A Transactions		(16,170	)		(120,424	)		N/A			N/A
Net Increase (Decrease) in Shares Outstanding from Share Transactions Transactions		(5,527,563	)		(952,573	)		2,421,675			2,866,230

Amounts designated as “—” are either $0 or have been rounded to $0.

* Commenced operations on March 28, 2011.

N/A – Not Applicable

The accompanying notes are an integral part of the financial statements.

34

THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

Westwood SMidCap Plus Fund*						Westwood SmallCap Value Fund						Westwood Income Opportunity Fund						Westwood Balanced Fund
Six Months Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011			Six Months Ended April 30, 2012 (Unaudited)			Year Ended October 31, 2011
$	43,895		$	17,001		$	82,874		$	(2,046	)	$	7,805,746		$	10,409,618		$	92,542		$	181,812
	(368,883	)		46,661			1,096,809			4,751,053			5,659,226			2,317,285			163,110			473,934
	1,972,374			(1,142,466	)		2,807,707			(2,196,770	)		25,956,454			2,035,461			439,546			(191,767	)
	1,647,386			(1,078,804	)		3,987,390			2,552,237			39,421,426			14,762,364			695,198			463,979
	(47,193	)		—			(52,930	)		—			(7,228,921	)		(8,203,793	)		(93,158	)		(180,113	)
	—			—			—			—			(555,238	)		(360,345	)		—			—
	(56,176	)		—			(1,425,319	)		—			—			—			—			—
	(103,369	)		—			(1,478,249	)		—			(7,784,159	)		(8,564,138	)		(93,158	)		(180,113	)
	8,261,003			12,822,944			6,403,354			10,508,028			214,398,692			310,447,558			314,730			688,623
	81,085			—			1,343,303			—			6,783,589			7,834,089			88,836			171,974
	(2,975,357	)		(869,996	)		(10,039,196	)		(10,885,638	)		(49,196,318	)		(78,103,080	)		(600,385	)		(858,574	)
	5,366,731			11,952,948			(2,292,539	)		(377,610	)		171,985,963			240,178,567			(196,819	)		2,023
	N/A			N/A			N/A			N/A			33,748,933			21,447,060			N/A			N/A
	N/A			N/A			N/A			N/A			538,779			355,529			N/A			N/A
	N/A			N/A			N/A			N/A			(7,104,146	)		(3,802,809	)		N/A			N/A
	N/A			N/A			N/A			N/A			27,183,566			17,999,780			N/A			N/A
	5,366,731			11,952,948			(2,292,539	)		(377,610	)		199,169,529			258,178,347			(196,819	)		2,023
	6,910,748			10,874,144			216,602			2,174,627			230,806,796			264,376,573			405,221			285,889
$	10,874,144		$	—		$	32,664,448		$	30,489,821		$	473,374,704		$	208,998,131		$	10,204,151		$	9,918,262
$	17,784,892		$	10,874,144		$	32,881,050		$	32,664,448		$	704,181,500		$	473,374,704		$	10,609,372		$	10,204,151
$	13,753		$	17,051		$	50,882		$	20,938		$	1,606,277		$	1,584,690		$	10,733		$	11,349
	912,656			1,303,891			657,476			1,104,269			18,247,836			27,499,119			29,919			66,294
	9,272			—			155,536			—			575,395			699,475			8,422			16,779
	(316,653	)		(93,554	)		(1,086,774	)		(1,129,987	)		(4,194,146	)		(7,162,856	)		(57,232	)		(83,072	)
	605,275			1,210,337			(273,762	)		(25,718	)		14,629,085			21,035,738			(18,891	)		1
	N/A			N/A			N/A			N/A			2,896,721			1,905,711			N/A			N/A
	N/A			N/A			N/A			N/A			45,697			31,791			N/A			N/A
	N/A			N/A			N/A			N/A			(602,759	)		(340,835	)		N/A			N/A
	N/A			N/A			N/A			N/A			2,339,659			1,596,667			N/A			N/A
	605,275			1,210,337			(273,762	)		(25,718	)		16,968,744			22,632,405			(18,891	)		1

The accompanying notes are an integral part of the financial statements.

35

THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

STATEMENTS OF CHANGES IN NET ASSETS
	Westwood Dividend Growth Fund									Westwood Short Duration High Yield Fund
	Six Months Ended April 30, 2012 (Unaudited)			Period Ended October 31, 2011*			Year Ended June 30, 2011**			Period Ended April 30, 2012*** (Unaudited)
Operations:
Net Investment Income	$	697,117		$	289,907		$	796,444		$	331,606
Net Realized Gain (Loss) on Investments		4,891,332			(1,788,740	)		7,787,029			(1,446	)
Net Realized Gain on Foreign Currency Translation		—			—			419			—
Net Change in Unrealized Appreciation (Depreciation) on Investments		2,488,934			(674,825	)		4,325,937			33,844
Net Increase (Decrease) in Net Assets Resulting from Operations		8,077,383			(2,173,658	)		12,909,829			364,004
Dividends and Distributions:
Net Investment Income:
Institutional Class		(1,332,042	)		—			(459,739	)		(317,203	)
Net Realized Gains:
Institutional Class		(6,332,563	)		—			—			—
Total Dividends and Distributions		(7,664,605	)		—			(459,739	)		(317,203	)
Capital Share Transactions:
Institutional Class:
Issued		7,753,639			2,745,952			18,093,302			33,411,139
Reinvestment of Dividends		7,633,997			—			440,424			315,404
Redeemed		(4,263,104	)		(1,271,304	)		(10,822,447	)		(2,318,155	)
Net Increase in Net Assets from Capital Share Transactions		11,124,532			1,474,648			7,711,279			31,408,388
Total Increase (Decrease) in Net Assets		11,537,310			(699,010	)		20,161,369			31,455,189
Net Assets:
Beginning of Period	$	71,594,122		$	72,293,132		$	52,131,763		$	—
End of Period	$	81,131,432		$	71,594,122		$	72,293,132		$	31,455,189
Undistributed Net Investment Income	$	438,482		$	1,073,407		$	783,500		$	14,403
Shares Issued and Redeemed:
Institutional Class:
Issued		746,858			262,258			1,726,469			3,330,527
Reinvestment of Dividends		766,402			—			40,856			31,467
Redeemed		(400,671	)		(115,006	)		(1,008,767	)		(231,507	)
Total Institutional Class Transactions		1,112,589			147,252			758,558			3,130,487
Net Increase in Shares Outstanding from Share Transactions		1,112,589			147,252			758,558			3,130,487

* For the period July 1, 2011 through October 31, 2011 (See Note 1).

** For the Fiscal year ended June 30 (See Note 1).

*** Commenced operations on December 28, 2011.

The accompanying notes are an integral part of the financial statements.

36

THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

FINANCIAL HIGHLIGHTS
Selected Per Share Data & Ratios For the Six Months Ended April 30, 2012 (Unaudited) and the Periods Ended October 31,
	NET ASSET VALUE, BEGINNING OF PERIOD		NET INVESTMENT INCOME (LOSS)^^			NET REALIZED AND UNREALIZED GAINS (LOSSES) ON SECURITIES			TOTAL FROM OPERATIONS			DIVIDENDS FROM NET INVESTMENT INCOME			DISTRIBUTIONS FROM REALIZED CAPITAL GAINS			RETURN OF CAPITAL			TOTAL DIVIDENDS & DISTRIBUTIONS			NET ASSET VALUE, END OF PERIOD		TOTAL RETURN‡			NET ASSETS, END OF PERIOD (000)		RATIO OF EXPENSES TO AVERAGE NET ASSETS			RATIO OF EXPENSES TO AVERAGE NET ASSETS (EXCLUDING WAIVERS & RECOVERED FEES)			RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS			PORTFOLIO TURNOVER RATE
Westwood LargeCap Value Fund
Institutional Class (commenced operations on June 28, 2006)
2012	$	10.15	$	0.08		$	0.94		$	1.02		$	(0.15	)	$	—		$	—		$	(0.15	)	$	11.02		10.17	%	$	173,676		0.99	%*^		0.91	%*		1.57	%*		23	%**
2011		9.70		0.13			0.42			0.55			(0.10	)		—			—			(0.10	)		10.15		5.62			215,894		1.00^			0.91			1.26			42
2010		8.64		0.10			1.04			1.14			(0.08	)		—			—			(0.08	)		9.70		13.24			214,416		1.00^			0.97			1.04			57
2009		8.74		0.11			(0.12	)		(0.01	)		(0.09	)		—			—			(0.09	)		8.64		(0.04	)†		125,933		1.00			1.14			1.43			89
2008		12.98		0.15			(4.08	)		(3.93	)		(0.09	)		(0.22	)		—			(0.31	)		8.74		(30.94	)†		53,506		1.00			1.41			1.42			70
2007		10.72		0.12			2.18			2.30			(0.04	)		—			—			(0.04	)		12.98		21.54	†		23,841		1.00			1.82			1.04			50	(1)
Class A (commenced operations on December 31, 2007)
2012	$	10.13	$	0.07		$	0.94		$	1.01		$	(0.12	)	$	—		$	—		$	(0.12	)	$	11.02		10.07	%	$	4,554		1.24	%*^		1.16	%*		1.26	%*		23	%**
2011		9.67		0.10			0.42			0.52			(0.06	)		—			—			(0.06	)		10.13		5.37			4,352		1.25^			1.16			1.02			42
2010		8.63		0.07			1.05			1.12			(0.08	)		—			—			(0.08	)		9.67		12.99			5,320		1.25^			1.22			0.73			57
2009		8.73		0.08			(0.11	)		(0.03	)		(0.07	)		—			—			(0.07	)		8.63		(0.25	)†		5,251		1.25			1.35			0.95			89
2008		12.10		0.10			(3.47	)		(3.37	)		—			—			—			—			8.73		(27.85	)†		673		1.25	*		1.65	*		1.14	*		70	(1)
Westwood SMidCap Fund
Institutional Class (commenced operations on December 19, 2005)
2012	$	14.64	$	0.09		$	1.11		$	1.20		$	(0.06	)	$	(1.74	)	$	—		$	(1.80	)	$	14.04		9.89	%	$	421,396		0.95	%*		0.95	%*		1.27	%*		15	%**
2011		13.90		0.05			0.88			0.93			(0.05	)		(0.14	)		—			(0.19	)		14.64		6.64			403,979		0.96			0.96			0.34			62
2010		11.28		0.06			2.61			2.67			(0.05	)		—			—			(0.05	)		13.90		23.72			343,751		0.99			0.99			0.47			48
2009		9.41		0.08			1.85			1.93			(0.06	)		—			—			(0.06	)		11.28		20.65			168,700		1.24^			1.24			0.81			54
2008		13.84		0.11			(4.03	)		(3.92	)		(0.17	)		(0.34	)		—			(0.51	)		9.41		(29.25	)		77,475		1.25^			1.25			0.87			81
2007		11.47		0.26			2.28			2.54			(0.09	)		(0.08	)		—			(0.17	)		13.84		22.43	†		66,915		1.25			1.37			1.96			63
Westwood SMidCap Plus Fund
Institutional Class (commenced operations on March 28, 2011)
2012	$	8.98	$	0.03		$	0.85		$	0.88		$	(0.03	)	$	(0.03	)	$	—		$	(0.06	)	$	9.80		9.90	%†	$	17,785		1.00	%*		1.71	%*		0.55	%*		21	%**
2011		10.00		0.02			(1.04	)		(1.02	)					—			—			—			8.98		(10.20	)†		10,874		1.00	*		2.35	*		0.37	*		31	**
Westwood SmallCap Value Fund
Institutional Class (commenced operations on April 2, 2007)
2012	$	9.24	$	0.03		$	1.26		$	1.29		$	(0.02	)	$	(0.43	)	$	—		$	(0.45	)	$	10.08		14.73	%†	$	32,881		1.25	%*		1.35	%*		0.55	%*		30	%**
2011		8.56		—	(2)		0.68			0.68			—			—			—			—			9.24		7.94	†		32,664		1.25			1.28			(0.01	)		103
2010		7.11		(0.02	)		1.47			1.45			—			—			—	(2)		—			8.56		20.42	†		30,490		1.25			1.35			(0.28	)		67
2009		7.00		0.01			0.13			0.14			(0.03	)		—			—	(2)		(0.03	)		7.11		1.99	†		20,361		1.25			1.63			0.08			82
2008		10.33		0.07			(3.35	)		(3.28	)		(0.05	)		—			—			(0.05	)		7.00		(31.86	)†		17,286		1.25			1.88			0.79			93
2007		10.00		0.04			0.29			0.33			—			—			—			—			10.33		3.30	†		11,787		1.25	*		2.94	*		0.72	*		25	**
Westwood Income Opportunity Fund
Institutional Class (commenced operations on December 19, 2005)
2012	$	11.41	$	0.16		$	0.62		$	0.78		$	(0.15	)	$	—		$	—		$	(0.15	)	$	12.04		6.90	%	$	649,356		0.90	%*^		0.87	%*		2.67	%*		15	%**
2011		11.08		0.33			0.26			0.59			(0.26	)		—			—			(0.26	)		11.41		5.35			448,112		0.90^			0.89			2.93			26
2010		9.73		0.32			1.39			1.71			(0.36	)		—			—			(0.36	)		11.08		17.89	†		202,142		0.90			0.96			3.18			34
2009		9.32		0.30			0.38			0.68			(0.27	)		—			—			(0.27	)		9.73		7.50	†		124,856		1.00			1.11			3.22			91
2008		10.61		0.36			(1.13	)		(0.77	)		(0.32	)		(0.20	)		—			(0.52	)		9.32		(7.50	)†		113,764		1.00			1.24			3.57			99
2007		10.45		0.59			0.14	(3)		0.73			(0.57	)		—	(2)		—			(0.57	)		10.61		7.00	†		124,430		1.00			1.41			5.45			62
Class A (commenced operations on December 31, 2007)
2012	$	11.40	$	0.14		$	0.63		$	0.77		$	(0.14	)	$	—		$	—		$	(0.14	)	$	12.03		6.80	%	$	54,826		1.15	%*^		1.12	%*		2.35	%*		15	%**
2011		11.07		0.30			0.26			0.56			(0.23	)		—			—			(0.23	)		11.40		5.13			25,262		1.15^			1.14			2.66			26
2010		9.73		0.27			1.41			1.68			(0.34	)		—			—			(0.34	)		11.07		17.55	†		6,856		1.15			1.20			2.59			34
2009		9.32		0.27			0.39			0.66			(0.25	)		—			—			(0.25	)		9.73		7.23	†		543		1.25			1.38			2.88			91
2008		9.99		0.25			(0.71	)		(0.46	)		(0.21	)		—			—			(0.21	)		9.32		(4.69	)†		482		1.25	*		1.47	*		3.04	*		99	(1)
Westwood Balanced Fund
Institutional Class (commenced operations on September 8, 2006)
2012	$	10.26	$	0.09		$	0.62		$	0.71		$	(0.10	)	$	—		$	—		$	(0.10	)	$	10.87		6.91	%†	$	10,609		0.90	%*		1.51	%*		1.79	%*		16	%**
2011		9.97		0.18			0.29			0.47			(0.18	)		—			—			(0.18	)		10.26		4.73	†		10,204		0.90			1.50			1.76			33
2010		9.17		0.16			0.80			0.96			(0.16	)		—			—			(0.16	)		9.97		10.57	†		9,918		0.90			1.82			1.66			39
2009		9.01		0.17			0.17			0.34			(0.18	)		—			—			(0.18	)		9.17		3.93	†		9,251		1.00			1.94			1.98			90
2008		11.61		0.23			(2.44	)		(2.21	)		(0.23	)		(0.16	)		—			(0.39	)		9.01		(19.61	)†		8,672		1.00			1.97			2.18			57
2007		10.36		0.24			1.24			1.48			(0.23	)		—			—			(0.23	)		11.61		14.40	†		9,700		1.00			2.42			2.23			31

The accompanying notes are an integral part of the financial statements.

37

THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

FINANCIAL HIGHLIGHTS — continued
Selected Per Share Data & Ratios For the Six Months Ended April 30, 2012 (Unaudited) and the Periods Ended October 31,
	NET ASSET VALUE, BEGINNING OF PERIOD		NET INVESTMENT INCOME (LOSS)			NET REALIZED AND UNREALIZED GAINS (LOSSES) ON SECURITIES			TOTAL FROM OPERATIONS			DIVIDENDS FROM NET INVESTMENT INCOME			DISTRIBUTIONS FROM REALIZED CAPITAL GAINS			RETURN OF CAPITAL		TOTAL DIVIDENDS & DISTRIBUTIONS			NET ASSET VALUE, END OF PERIOD		TOTAL RETURN‡			NET ASSETS, END OF PERIOD (000)		RATIO OF EXPENSES TO AVERAGE NET ASSETS			RATIO OF EXPENSES TO AVERAGE NET ASSETS (EXCLUDING WAIVERS & RECOVERED FEES)			RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS			PORTFOLIO TURNOVER RATE
Westwood Dividend Growth Fund
Institutional Class (commenced operations on October 31, 2001)
2012	$	11.02	$	0.10	^^	$	0.95		$	1.05		$	(0.18	)	$	(0.96	)	$	—	$	(1.14	)	$	10.93		10.70	%	$	83,131		0.99	%*^		0.96	%*		1.79	%*		52	%**
2011(4)		11.39		0.05	^^		(0.42	)		(0.37	)		—			—			—					11.02		(3.25	)†		71,594		1.00	*		1.04	*		1.24	*		24	**
2011(5)		9.33		0.13	^^		2.00			2.13			(0.07	)		—			—		(0.07	)		11.39		22.92	†		72,293		1.02			1.03			1.19			66
2010(5)		8.14		0.08			1.16			1.24			(0.05	)		—			—		(0.05	)		9.33		15.14			52,132		1.10			1.07			0.89			50
2009(5)		10.30		0.04			(2.11	)		(2.07	)		(0.02	)		(0.07	)		—		(0.09	)		8.14		(19.95	)†		41,589		1.15			1.19			0.65			100
2008(5)		12.51		0.02			(1.07	)		(1.05	)		(0.05	)		(1.11	)		—		(1.16	)		10.30		(8.87	)		36,948		1.15			1.15			0.19			104
2007(5)		11.54		0.06			1.47			1.53			(0.02	)		(0.54	)		—		(0.56	)		12.51		13.51			44,667		1.15			1.11			0.53			62
Westwood Short Duration High Yield Fund
Institutional Class (commenced operations on December 28, 2011)
2012(6)	$	10.00	$	0.15^^		$	0.02		$	0.17		$	(0.12	)	$	—		$	—	$	(0.12	)	$	10.05		1.72	%†	$	31,455		0.90	%*		1.43	%*		5.17	%*		16	%**

Amounts designated as “—” are $0.

^ Ratio includes previously waived investment advisory fees recovered. The impact of the recovered fees may cause a higher net expense ratio.

^^ Calculation performed using average shares for the period.

† Total return would have been lower had certain expenses not been waived or assumed by the Adviser during the period.

‡ Total return for the period indicated and has not been annualized. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

* Annualized.

** Not annualized.

(1) Portfolio turnover rate is for the Fund for the year ended October 31, 2008.

(2) Amount less than $0.01 per share.

(3) The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

(4) For the period from July 1, 2011 through October 31, 2011 (See Note 1).

(5) For the Fiscal year ending June 30 (See Note 1).

(6) For the period from December 28, 2011 through April 30, 2012 (See Note 1).

The accompanying notes are an integral part of the financial statements.

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THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization:

The Advisors’ Inner Circle Fund (the “Trust”) is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with 41 funds. The financial statements herein are those of the Westwood LargeCap Value Fund, Westwood SMidCap Fund, Westwood SMidCap Plus Fund, Westwood SmallCap Value Fund, Westwood Income Opportunity Fund, Westwood Balanced Fund, Westwood Dividend Growth Fund, and Westwood Short Duration High Yield Fund (the “Funds”). Westwood SMidCap Fund and Westwood Income Opportunity Fund commenced operations on December 19, 2005. Westwood LargeCap Value Fund commenced operations on June 28, 2006. Westwood Balanced Fund commenced operations on September 8, 2006. Westwood SmallCap Value Fund commenced operations on April 2, 2007. Westwood SMidCap Plus Fund commenced operations on March 28, 2011. The Westwood Dividend Growth Fund commenced operations on October 31, 2001 as the McCarthy Multi-Cap Stock Fund and reorganized through a transfer of all assets and liabilities to the Westwood Dividend Growth Fund on February 4, 2011. The Westwood Short Duration High Yield Fund commenced operations on December 28, 2011. Each of the Westwood Funds is classified as a “diversified” investment company under the 1940 Act. The Westwood LargeCap Value Fund, Westwood SMidCap Fund, Westwood SMidCap Plus Fund, Westwood SmallCap Value Fund, and Westwood Dividend Growth Fund seek long-term capital appreciation. The Westwood Income Opportunity Fund and Westwood Balanced Fund seek long-term capital appreciation and provide current income by investing in a portfolio of stocks and fixed-income securities. The Westwood Short Duration High Yield Fund seeks preservation of capital and provides current income by investing in a portfolio of fixed-income securities. The financial statements of the remaining funds of the Trust are presented separately. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held.

Effective January 7, 2011, the Westwood SMidCap Fund is closed to new investors. Existing shareholders of the Westwood SMidCap Fund may continue to make additional investments and reinvest dividends and capital gains distributions in the Fund.

Effective July 1, 2011, the Westwood Dividend Growth Fund changed its fiscal year end to October 31.

2. Significant Accounting Policies:

The following is a summary of the significant accounting policies followed by the Funds.

Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Values of debt securities are generally reported at the last sales price if the security is actively traded. If a debt security is not actively traded it is valued at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Securities for which market prices are not “readily available” are valued in accordance with Fair Value Procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of April 30, 2012, the total value of securities in the Westwood Dividend Growth Fund valued in accordance with Fair Value Procedures was $0 or 0.0% of net assets.

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THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles, the Funds disclose fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or abilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1—Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2—other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.)

Level 3—Prices, inputs or proprietary modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For the six months/period ended April 30, 2012, there have been no significant changes to the Funds’ fair valuation methodology.

Federal Income Taxes — It is the Westwood Short Duration High Yield Fund’s intention to qualify and each of the other Funds’ intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its income to its shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 open tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the six months ended April 30, 2012, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six months the Funds did not incur any significant interest or penalties.

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Costs used in determining realized gains or losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from settlement date. Discounts and premiums on securities purchased are amortized using the scientific interest method, which approximates the effective interest method.

Investments in REITs — Dividend income from REITs is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Classes — Class specific expenses, such as distribution fees, are borne by that class of shares. Income, realized and unrealized gains/losses and non-class specific expenses are allocated to the respective class on the basis of relative daily net assets.

Expenses — Expenses that are directly related to the Fund are charged to the Fund. Other operating expenses of the Trust are prorated to the Fund based on the number of funds and/or relative net assets.

Dividends and Distributions to Shareholders — The Westwood LargeCap Value Fund, Westwood SMidCap Fund, Westwood SMidCap Plus Fund, Westwood SmallCap Value Fund, and Westwood Dividend Growth Fund distribute substantially all of their net

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THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

investment income, if any, at least annually. The Westwood Income Opportunity Fund and Westwood Balanced Fund distribute substantially all of their net investment income, if any, quarterly. The Westwood Short Duration High Yield Fund distributes substantially all of its net investment income, if any, monthly. For each Fund, any net realized capital gains are distributed at least annually. All dividends and distributions are recorded on ex-dividend date.

Deferred Offering Costs — Offering costs, including costs of printing initial prospectus, legal and registration fees, are amortized over twelve-months from inception of a fund. For the Westwood Short Duration High Yield Fund, as of April 30, 2012, the remaining amount still to be amortized for the Fund was $52,572.

3. Transactions with Affiliates:

Certain officers and a trustee of the Trust are also officers of SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust for serving as officers of the Trust.

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

4. Administration, Distribution, Shareholder Servicing, Transfer Agent and Custodian Agreements:

The Westwood Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services for an annual fee equal to 0.12% of the first $100 million, 0.08% of the next $200 million, 0.06% of the next $550 million and 0.04% of any amount above $850 million of the Funds’ average daily net assets, subject to a minimum fee of $100,000 for each fund plus $15,000 per each additional class.

The Trust and the Distributor are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.

Effective December 31, 2007, the Westwood Large Cap Value and the Westwood Income Opportunity Funds have adopted a Distribution Plan (the “Plan”) relating to each Fund’s Class A Shares pursuant to Rule 12b-1 of the 1940 Act. The Plan provides for payment at an annual rate of 0.25% of the average daily net assets of each Fund’s Class A Shares.

The Westwood SMidCap Fund, Westwood SMidCap Plus Fund and the Westwood SmallCap Value Fund have each adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.20% based on average daily net assets. The Funds do not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Funds, the Adviser or its affiliates may, at their own expense, pay financial intermediaries for these and other services to the Funds’ shareholders. For the six months ended April 30, 2012, the Westwood SMidCap Fund, the Westwood SMidCap Plus Fund and the Westwood SmallCap Value Fund incurred $172,123, $8,036 and $27,655, or 0.08%, 0.10% and 0.18% of average daily net assets, of shareholder servicing fees, respectively.

DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust.

The Funds earned cash management credits which are used to offset transfer agent expenses. During the six months ended April 30, 2012, the Westwood LargeCap Value Fund, Westwood SMidCap Fund, Westwood SMidCap Plus Fund, Westwood SmallCap Value Fund, Westwood Income Opportunity Fund, the Westwood Balanced Fund, the Westwood Dividend Growth Fund, and the Westwood Short Duration High Yield Fund earned credits of $61, $13, $1, $2, $189, $1, $9, and $1, respectively.

Certain brokers, dealers, banks, trust companies and other financial representatives received compensation from the Funds for providing a variety of services, including record keeping and transaction processing. Such fees are based on the assets of the Funds that are serviced by the financial representative. Such fees are paid by the Funds to the extent that the number of accounts serviced by the financial representative multiplied by the account fee charged by the Funds’ transfer agent would not exceed the amount that would have been charged had the accounts serviced by the financial representative been registered directly through the transfer agent. All fees in excess of this calculated amount are paid by Westwood Management Corp. (the “Adviser”).

U.S. Bank, N.A. acts as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

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THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

5. Investment Advisory Agreement:

Under the terms of an investment advisory agreement with the Funds, the Adviser provides investment advisory services the Funds and receives a fee, which is calculated daily and paid monthly, at the following annual rates based on the average daily net assets of each Fund. The Advisor has contractually agreed to reduce its investment advisory fees and reimburse expenses for the Funds in order to keep net operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) as set forth below (the “Institutional Class Expense Limitation” and the “Class A Expense Limitation”). The contractual waivers are in place through February 28, 2013.

Fund	Advisory Fee		Institutional Class Expense Limitation		Class A Expense Limitation
Westwood LargeCap Value Fund		0.75%		1.00%		1.25%
Westwood SmidCap Fund		0.75%		1.25%		N/A
Westwood SMidCap Plus Fund		0.75%		1.00%		N/A
Westwood SmallCap Value Fund		0.85%		1.25%		N/A
Westwood Income Opportunity Fund		0.75%		0.90%		1.15%
Westwood Balanced Fund		0.75%		0.90%		N/A
Westwood Dividend Growth Fund		0.75%		1.00%		N/A
Westwood Short Duration High Yield Fund		0.75%		0.90%		N/A

Prior to February 4, 2011, under the terms of an investment advisory agreement with the Predecessor Fund, McCarthy Group Advisors, L.L.C. provided the Predecessor Fund with investment management services at an annual rate of 0.75% of the first $20 million of the Predecessor Fund’s average daily net assets, and 0.60% of the Predecessor Fund’s average daily net assets over $20 million. McCarthy Group Advisors, L.L.C. had contractually agreed to limit the Predecessor Fund’s total operating expenses by reducing all or a portion of its fees and reimbursing the Predecessor Fund’s total operating expenses, for a one year period, so that its expense ratio of expenses to average net assets would not exceed 1.15%.

The Adviser may seek reimbursement for Advisory Fees waived or limited and other expenses paid by the Adviser during the preceding three-year period, pursuant to the Expense Limitation Agreement. Reimbursement by a Fund of the Advisory Fees waived and other expenses paid by the Adviser pursuant to the Expense Limitation Agreement may be made when a Fund has reached a sufficient asset size to permit reimbursement to be made without causing the total annual operating expense ratio of each Fund to exceed the total operating expense limitation.

At April 30, 2012, pursuant to the above, At April 30, 2012, pursuant to the above, the amount of previously waived and reimbursed fees for the Westwood LargeCap Value Fund, Westwood SMidCap Fund, Westwood SMidCap Plus Fund, Westwood SmallCap Value Fund, Westwood Income Opportunity Fund, Westwood Balanced Fund, Westwood Dividend Growth Fund and Westwood Short Duration High Yield Fund for which the Adviser may seek reimbursement was $0, $0, $133,594, $71,802, $104,775, $220,086, $0, and $34,638 respectively. For the six months ended April 30, 2012, the Adviser recaptured previously waived fees of $77,977 for the Westwood LargeCap Value Fund, $86,962 for the Westwood Income Opportunity Fund and $13,807 for the Westwood Dividend Growth Fund.

As of December 28, 2011, the Adviser has entered into an investment sub-advisory agreement with SKY Harbor Capital Management LLC and pays the sub-adviser out of the fee that it receives from the Westwood Short Duration High Yield Fund.

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THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

6. Investment Transactions:

The cost of security purchases and proceeds from security sales, other than short-term securities, for the six months ended April 30, 2012, were as follows:

	Purchases		Sales and Maturities		U.S. Government Purchases		U.S. Government Sales and Maturities
Westwood LargeCap Value Fund	$	45,396,360	$	103,953,334	$	—	$	—
Westwood SMidCap Fund		61,362,553		84,317,089		—		—
Westwood SMidCap Plus Fund		8,073,403		3,189,979		—		—
Westwood SmallCap Value Fund		8,899,748		14,174,333		—		—
Westwood Income Opportunity Fund		209,010,282		70,211,256		11,802,583		4,232,046
Westwood Balanced Fund		1,482,227		1,796,789		111,758		327,670
Westwood Dividend Growth Fund		45,919,851		40,023,253		—		—
Westwood Short Duration High Yield Fund*		30,423,785		2,504,000		—		—

* For the period December 28, 2011 to April 30, 2012.

7. Federal Tax Information:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. generally accepted accounting principles. As a result, net investment income (loss) and net realized gain/(loss) on investment transactions for a reporting period may differ significantly from distributions during the year. The book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital as appropriate, in the period that the difference arises.

The tax character of dividends and distributions paid during the last two fiscal years were as follows:

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
Westwood LargeCap Value Fund
2011	$	2,078,550	$	—	$	—	$	2,078,550
2010		1,695,420		—		—		1,695,420
Westwood SMidCap Fund
2011		1,377,325		3,500,875		—		4,878,200
2010		745,696		—		—		745,696
Westwood SMidCap Plus Fund
2011		—		—		—		—
Westwood SmallCap Value Fund
2011		—		—		—		—
2010		—		—		5,154		5,154
Westwood Income Opportunity Fund
2011		8,564,138		—		—		8,564,138
2010		5,572,524		—		—		5,572,524
Westwood Balanced Fund
2011		180,113		—		—		180,113
2010		160,576		—		—		160,576
Westwood Dividend Growth Fund
2011*		—		—		—		—
2011**		459,739		—		—		459,739
2010**		239,009		—		—		239,009

* For the period July 1, 2011 to October 31, 2011 (See Note 1).

** For the year ended June 30. (See Note 1).

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THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

As of October 31, 2011, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Unrealized Appreciation/ (Depreciation)			Other Temporary Differences			Total Distributable Earnings/ (Accumulated Losses)
Westwood LargeCap Value Fund	$	2,244,173	$	—	$	(309,317	)	$	23,854,911		$	(5	)	$	24,789,762
Westwood SMidCap Fund		23,661,548		25,169,748		—			12,173,693			(5	)		61,004,984
Westwood SMidCap Plus Fund		73,081		—		—			(1,151,885	)		—			(1,078,804	)
Westwood SmallCap Value Fund		20,940		1,424,992		—			574,034			(2	)		2,019,964
Westwood Income Opportunity Fund		2,091,601		—		(10,045,329	)		24,192,856			(506,910	)		15,732,218
Westwood Balanced Fund		11,351		—		(1,077,013	)		894,784			(1	)		(170,879	)
Westwood Dividend Growth Fund		1,073,412		6,332,372		(1,788,740	)		6,306,385			(4	)		11,923,425

For Federal income tax purposes, capital carryforwards represent realized losses of the Funds that may be carried forward for a maximum of eight years and applied against future capital gains as follows:

	Expires 10/31/17		Expires 10/31/18		Total Capital Loss Carryforwards 10/31/11
Westwood LargeCap Value Fund	$	—	$	309,317	$	309,317
Westwood Income Opportunity Fund		10,045,329		—		10,045,329
Westwood Balanced Fund		1,077,013		—		1,077,013

During the year ended October 31, 2011, the Westwood LargeCap Value Fund, Westwood SmallCap Fund, Westwood Income Opportunity Fund and Westwood Balanced Fund utilized $13,693,961, $3,413,119, $2,475,469, and $483,781, respectively, of capital loss carryforwards to offset capital gains.

Under the Regulated Investment Company Modernization Act of 2010, Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, postenactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments, held by the Funds at April 30, 2012, were as follows:

	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
Westwood LargeCap Value Fund	$	141,791,993	$	37,635,337	$	(3,155,885	)	$	34,479,452
Westwood SMidCap Fund		374,547,347		75,441,813		(28,189,379	)		47,252,434
Westwood SMidCap Plus Fund		16,916,185		1,620,709		(790,801	)		829,908
Westwood SmallCap Value Fund		30,019,082		4,591,998		(979,322	)		3,612,676
Westwood Income Opportunity Fund		653,139,858		56,894,681		(8,026,463	)		48,868,218
Westwood Balanced Fund		9,178,360		1,579,322		(132,840	)		1,446,482
Westwood Dividend Growth Fund		74,305,357		9,692,395		(669,600	)		9,022,795
Westwood Short Duration High Yield Fund		29,558,372		164,458		(130,614	)		33,844

8. Indemnifications:

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

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THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

9. Other:

At April 30, 2012, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of omnibus accounts that are held on behalf of various individual shareholders was as follows:

	No. of Shareholders		% Ownership
Westwood LargeCap Value Fund, Institutional Class		3		51	%
Westwood LargeCap Value Fund, Class A		2		92	%
Westwood SMidCap Fund, Institutional Class		3		59	%
Westwood SMidCap Plus Fund, Institutional Class		5		80	%
Westwood SmallCap Value Fund, Institutional Class		3		65	%
Westwood Income Opportunity Fund, Institutional Class		2		62	%
Westwood Income Opportunity Fund, Class A		2		66	%
Westwood Balanced Fund, Institutional Class		1		74	%
Westwood Dividend Growth Fund, Institutional Class		2		68	%
Westwood Short Duration High Yield Fund, Institutional Class		1		73	%

10. Recent Accounting Pronouncement:

In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.

11. Subsequent Event:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements.

45

THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

DISCLOSURE OF FUND EXPENSES (Unaudited)

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from a mutual fund’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of a mutual fund’s average net assets; this percentage is known as a mutual fund’s expense ratio.

The following examples are intended to help you understand the ongoing fees (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The table on the following page illustrates your Fund’s costs in two ways.

• Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

• Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.

Note: Because the hypothetical return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

	Beginning Account Value 11/1/11		Ending Account Value 4/30/12		Annualized Expense Ratios			Expenses Paid During Period*
Actual Fund Return
Westwood LargeCap Value Fund, Institutional Class	$	1,000.00	$	1,101.70		0.99	%	$	5.17	*
Westwood LargeCap Value Fund, Class A		1,000.00		1,100.70		1.24	%		6.48	*
Westwood SMidCap Fund, Institutional Class		1,000.00		1,098.90		0.95	%		4.96	*
Westwood SMidCap Plus Fund, Institutional Class		1,000.00		1,099.00		1.00	%		5.22	*
Westwood SmallCap Value, Institutional Class		1,000.00		1,147.30		1.25	%		6.67	*
Westwood Income Opportunity Fund, Institutional Class		1,000.00		1,069.00		0.90	%		4.63	*
Westwood Income Opportunity Fund, Class A		1,000.00		1,068.00		1.15	%		5.91	*
Westwood Balanced Fund, Institutional Class		1,000.00		1,069.10		0.90	%		4.63	*
Westwood Dividend Growth Fund, Institutional Class		1,000.00		1,107.00		0.99	%		5.19	*
Hypothetical 5% Return
Westwood LargeCap Value Fund, Institutional Class	$	1,000.00	$	1,019.94		0.99	%	$	4.97	*
Westwood LargeCap Value Fund, Class A		1,000.00		1,018.70		1.24	%		6.22	*
Westwood SMidCap Fund, Institutional Class		1,000.00		1,020.14		0.95	%		4.77	*
Westwood SMidCap Plus Fund, Institutional Class		1,000.00		1,019.89		1.00	%		5.02	*
Westwood SmallCap Value, Institutional Class		1,000.00		1,018.65		1.25	%		6.27	*
Westwood Income Opportunity Fund, Institutional Class		1,000.00		1,020.39		0.90	%		4.52	*
Westwood Income Opportunity Fund, Class A		1,000.00		1,019.14		1.15	%		5.77	*
Westwood Balanced Fund, Institutional Class		1,000.00		1,020.39		0.90	%		4.52	*
Westwood Dividend Growth Fund, Institutional Class		1,000.00		1,019.94		0.99	%		4.97	*
	Beginning Account Value 12/28/11		Ending Account Value 4/30/12		Annualized Expense Ratios			Expenses Paid During Period
Actual Fund Return
Westwood Short Duration High Yield Fund, Institutional Class	$	1,000.00	$	1,017.20		0.90	%	$	3.10	**
Hypothetical 5% Return
Westwood Short Duration High Yield Fund, Institutional Class		1,000.00		1,019.94		0.90	%		4.51	*

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

** Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 125/366 (to reflect the period since inception).

46

THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (Unaudited)

During the reporting period, pursuant to Section 15(c) of the 1940 Act, at its November 15-16, 2011 meeting, the Board of The Advisors’ Circle Fund (the “Trust”) considered the approval of the following agreements for an initial two-year term (collectively, the “Agreements”):

— the Advisory Agreement between Westwood Management Corp. (the “Adviser”) and the Trust, on behalf of the Westwood Short Duration High Yield Fund (the “Fund”); and

— the Sub-Advisory Agreement between the Adviser and SKY Harbor Capital Management, LLC (the “Sub-Adviser”), on behalf of the Fund.

After their initial two-year terms, the Agreements must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. Each year after the initial two-year term, the Board calls and holds a meeting to decide whether to renew the Agreements for an additional one-year term. In preparation for the meeting, the Board requests and reviews a wide variety of information from the Adviser and Sub-Adviser.

Prior to the meeting, the Board, including the Independent Trustees advised by their independent legal counsel, reviewed written materials from the Adviser and Sub-Adviser regarding, among other things: (i) the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser; and (ii) the costs of the services to be provided, as discussed in further detail below.

At the meeting, representatives from the Adviser and Sub-Adviser, along with other service providers of the Fund, presented additional oral and written information to help the Board evaluate the Adviser’s and Sub-Adviser’s fees and other aspects of the Agreements. Among other things, the representatives provided an overview of the Sub-Adviser, including its history, investment management team and experience, risk management infrastructure, best execution and use of soft dollar policies. The Adviser’s representative noted that the Sub-Adviser (and the predecessor firm of which the principals of SKY had been employees) had managed assets for the Adviser for fifteen years. The representatives then provided an overview of the new Fund, discussing the Fund’s proposed objective and strategy, as well as model portfolio characteristics, and the Adviser and Sub-Adviser’s rationale for introducing the new Fund. The Trustees then discussed the written materials that the Board received before the meeting, the Adviser’s and Sub-Adviser’s oral presentation and any other information that the Board received at the meeting, and deliberated on the approval of the Agreements in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services Provided by the Adviser and Sub-Adviser

In considering the nature, extent and quality of the services to be provided by the Adviser and Sub-Adviser, the Board reviewed the portfolio management services to be provided by the Adviser and Sub-Adviser to the Fund. Among other things, the Board considered the quality of the Adviser’s and Sub-Adviser’s portfolio management personnel. The Adviser’s and Sub-Adviser’s registration forms (“Form ADV”) were provided to the Board, as was the response of the Adviser and Sub-Adviser to a detailed series of questions which included, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of the Fund.

The Trustees also considered other services to be provided to the Fund by the Adviser and Sub-Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by the Adviser and Sub-Adviser.

Investment Performance of the Fund

Because the Fund is new, no performance information relating to the Fund was available for consideration. However, the Trustees considered the performance of a comparable fund with similar strategies previously managed by the portfolio manager who would also manage the proposed Fund. The Trustees noted that, since its inception, the comparable fund had performed similarly to its benchmark.

Cost of Services Provided and Economies of Scale

In concluding that the advisory fees payable to the Adviser and Sub-Adviser were reasonable, the Trustees reviewed a report of the proposed fees to be paid by the Fund to the Adviser and Sub-Adviser, as well as the expected costs of services to be provided by and the

47

THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS — continued (Unaudited)

expected profits to be realized by the Adviser and Sub-Adviser from their relationship with the Fund, and concluded that such profits were not excessive. The Trustees also reviewed reports comparing the expense ratio and advisory fee to be paid by the Fund to those paid by other comparable mutual funds and noted that the Fund’s expected total fees and expenses, after waivers, were within the range of the average fees and expenses incurred by other peer funds. The Board concluded that the advisory fee was the result of arm’s length negotiations and appeared reasonable in light of the services to be rendered. The Board also considered the Adviser’s and Sub-Adviser’s commitment to managing the Fund and the Adviser’s willingness to enter into an expense limitation and fee waiver arrangement. The Board noted that although the investment advisory agreement does not currently provide for breakpoints, the Board could re-assess the need for breakpoints in the future as the Fund grows. Because it was not possible to determine the profitability that the Adviser and Sub-Adviser might achieve with respect to the Fund, the Trustees did not make any conclusions regarding the Adviser’s and Sub-Adviser’s profitability. For the same reason, the Board did not make any conclusions regarding the extent to which economies of scale would be realized by the Adviser and Sub-Adviser as the assets of the Fund grow. In this regard, during future considerations of the Agreements, the Board will consider whether any economies of scale are being realized by the Adviser and Sub-Adviser and, if so, an appropriate mechanism for sharing the benefits of such economies of scale.

Based on the Board’s deliberations and its evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Agreements are fair and reasonable; (b) concluded that the Adviser’s and Sub-Adviser’s fees are reasonable in light of the services that the Adviser and Sub-Adviser will provide to the Fund; and (c) agreed to approve the Advisory and Sub-Advisory Agreements for an initial term of two years.

48

The Westwood Funds

P.O. Box 219009

Kansas City, MO 64121-9009

1-877-FUND-WHG

www.westwoodfunds.com

Adviser:

Westwood Management Corp.

200 Crescent Court, Suite 1200

Dallas, Texas 75201

Sub-Adviser:

SKY Harbor Capital Management, LLC

20 Horseneck Lane

Greenwich, CT 06830

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Administrator:

SEI Investments Global Funds Services

Oaks, PA 19456

Legal Counsel:

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Ave., N.W.

Washington, DC 20004

Independent Registered Public Accounting Firm:

Ernst & Young LLP

2005 Market Street, Suite 700

Philadelphia, PA 19103

This information must be preceded or accompanied by a

current prospectus for the Funds described.

WHG-SA-001-0700

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

Item 11. 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 Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Items 12. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) 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.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

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: July 6, 2012

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: July 6, 2012
By (Signature and Title)	/s/ Michael Lawson
	Michael Lawson
	Treasurer, Controller & CFO
Date: July 6, 2012