Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

(Registrant)

The Advisors’ Inner Circle Fund

By (Signature and Title)

/s/ Michael Beattie

Michael Beattie

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06400

The Advisors’ Inner Circle Fund

(Exact name of registrant as specified in charter)

101 Federal Street

Boston, MA 02110

(Address of principal executive offices) (Zip code)

SEI Corporation

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-877-446-3863

Date of fiscal year end: October 31, 2014

Date of reporting period: January 31, 2014

Item 1.

Schedule of Investments


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JANUARY 31, 2014
		(Unaudited)


SCHEDULE OF INVESTMENTS
COMMON STOCK — 91.5%
	Shares		Value
Argentina — 0.9%
Petrobras Argentina ADR *		123,908	$	583,606
Telecom Argentina ADR		61,241		933,313
Ternium ADR		344,574		10,261,414

				11,778,333

Brazil — 7.1%
ALL - America Latina Logistica		118,100		323,481
Banco do Brasil		1,643,600		14,227,620
BRF		183,000		3,278,948
CETIP - Mercados Organizados		139,300		1,333,401
Cia de Saneamento Basico do Estado de Sao Paulo		494,663		4,562,809
Cia de Saneamento Basico do Estado de Sao Paulo ADR		567,640		5,182,553
Cia de Saneamento de Minas Gerais-COPASA		124,700		1,626,151
Cia Energetica de Minas Gerais ADR		413,702		2,387,060
Cia Siderurgica Nacional		630,600		2,924,029
Cosan		494,138		5,712,235
Duratex		1,057,030		5,190,430
EDP - Energias do Brasil		251,000		1,003,688
Embratel Participacoes		794		2
Fibria Celulose *		516,100		5,784,940
JBS		1,332,507		4,665,776
Kroton Educacional		370,600		5,663,619
Light		285,000		2,252,129
Marfrig Global Foods *		1,078,800		1,859,653
Porto Seguro		550,300		6,419,122
Sao Martinho		19,300		197,859
Seara Alimentos (A)*		911		2
Telefonica Brasil ADR		173,346		3,293,574
Tim Participacoes		1,617,900		8,474,155
Tim Participacoes ADR		200,654		5,223,024
Ultrapar Participacoes		47,600		1,051,313

				92,637,573

Chile — 0.7%
Enersis ADR		635,171		8,428,719

China — 14.1%
Agricultural Bank of China		19,201,000		8,382,162
Anhui Conch Cement		277,000		1,068,480
ANTA Sports Products		204,000		297,871
Bank of China		63,379,000		26,751,019
Changyou.com ADR *		6,694		201,021
China Citic Bank		17,078,000		8,191,804
China Construction Bank		28,281,000		19,591,567
China Lodging Group ADR *		12,877		349,611
China Merchants Bank		2,669,500		4,702,102
China Petroleum & Chemical		24,171,800		19,093,163
China Railway Construction		486,000		405,452
China Sports International *		670,000		12,594
China Techfaith Wireless Communication Technology ADR *		39,097		74,284


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JANUARY 31, 2014
		(Unaudited)


COMMON STOCK — continued
	Shares		Value
China — continued
China Telecom		20,246,000	$	9,302,030
Chongqing Rural Commercial Bank		3,546,000		1,505,098
CSR		1,322,000		961,645
Giant Interactive Group ADR		748,723		8,243,440
Great Wall Motor		401,500		1,889,535
Greentown China Holdings		628,000		894,951
Haitian International Holdings		162,000		350,707
Huadian Power International		1,038,000		430,712
Huaneng Power International		5,494,000		5,129,511
Industrial & Commercial Bank of China		23,031,000		14,199,989
Jiangling Motors		67,800		243,606
Jiangsu Future Land		561,100		331,049
KongZhong ADR *		25,776		203,888
NetEase ADR *		219,310		16,441,671
New Oriental Education & Technology Group ADR		442,592		12,985,649
Perfect World ADR		100,403		1,942,798
Qingling Motors		778,000		215,949
Semiconductor Manufacturing International *		4,278,000		433,542
Shanghai Friendship Group		327,270		431,015
Shanghai Mechanical and Electrical Industry		268,300		535,795
SinoMedia Holding		290,000		199,846
Sinopec Shanghai Petrochemical		916,000		260,569
Sinotrans		961,000		396,563
SOHO China		709,000		562,440
Sohu.com *		30,827		2,243,589
SouFun Holdings ADR		66,121		5,381,588
TAL Education Group ADR *		96,588		2,313,283
Weiqiao Textile		992,000		532,003
WuXi PharmaTech Cayman ADR *		122,525		4,276,122
Xinhua Winshare Publishing and Media		433,000		244,937
Xinyuan Real Estate ADR		24,178		116,296
Zhuzhou CSR Times Electric		212,000		653,733

				182,974,679

Egypt — 0.3%
Commercial International Bank Egypt SAE		335,463		1,647,436
Ezz Steel *		408,960		1,013,128
Talaat Moustafa Group *		521,702		548,639
Telecom Egypt		282,406		611,814

				3,821,017

Hong Kong — 0.6%
Chaoda Modern Agriculture Holdings ADR *		6,346		19,228
China Ocean Resources *		71,580		207,865
China Resources Cement Holdings		744,000		507,749
China Unicom Hong Kong		1,922,000		2,506,106
Dah Chong Hong Holdings		311,000		182,605
Geely Automobile Holdings		3,900,000		1,593,768
GOME Electrical Appliances Holding		8,140,000		1,410,839
New China Life Insurance *		97,300		289,530
People’s Insurance Group of China		532,000		230,274


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JANUARY 31, 2014
		(Unaudited)


COMMON STOCK — continued
	Shares		Value
Hong Kong — continued
TCL Multimedia Technology Holdings		710,000	$	329,029
Tonly Electronics Holdings *		71,000		56,425

				7,333,418

Hungary — 0.0%
Richter Gedeon Nyrt		17,305		349,932

India — 8.5%
Aban Offshore		43,698		312,941
Apollo Tyres		1,949,182		3,524,736
Aptech		68,832		76,407
Aurobindo Pharma		354,110		2,665,080
Biocon		102,850		716,117
Britannia Industries		56,438		794,978
Cairn India		1,150,843		5,957,640
Ceat		63,505		301,739
Dishman Pharmaceuticals & Chemicals		58,387		76,228
Divi’s Laboratories *		14,566		305,826
Dr Reddy’s Laboratories		163,293		6,801,073
Escorts *		142,168		281,477
Geometric		101,511		160,882
Gitanjali Gems		38,150		38,269
HCL Technologies		845,746		19,737,448
Hexaware Technologies		694,141		1,494,528
Indraprastha Gas		230,706		912,072
Infosys ADR		251,426		14,728,535
Infosys		268,643		15,869,038
JSW Steel *		42,675		624,817
Lupin		318,832		4,487,718
MAX India		47,303		143,408
Mindtree		28,292		645,607
MRF		8,326		2,582,508
NIIT Technologies		107,712		691,691
Sasken Communications Technologies		175,093		464,316
SRF		40,927		134,496
Sun Pharmaceutical Industries		126,607		1,189,586
Syndicate Bank		550,011		742,214
Tata Communications *		54,921		241,931
Tata Consultancy Services		35,410		1,266,548
Tata Motors		1,814,121		10,120,916
Uflex		195,499		221,537
UPL		96,151		290,195
Wipro		1,150,933		10,563,307
WNS Holdings ADR *		80,743		1,738,397

				110,904,206

Indonesia — 1.0%
Agung Podomoro Land		5,873,000		109,294
Alam Sutera Realty		6,268,900		262,059
Bakrie Sumatera Plantations *		12,254,367		50,016
Bank Negara Indonesia Persero		3,781,500		1,356,034


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JANUARY 31, 2014
		(Unaudited)


COMMON STOCK — continued
	Shares		Value
Indonesia — continued
Bank Rakyat Indonesia		90,000	$	61,504
Darma Henwa *		6,998,260		28,658
Gajah Tunggal		2,750,778		425,681
Indofood Sukses Makmur		3,497,500		1,999,371
Lippo Cikarang *		339,500		154,942
Matahari Department Store *		604,500		576,371
Perusahaan Gas Negara Persero		3,485,500		1,355,817
Surya Semesta Internusa		8,109,000		445,813
Telekomunikasi Indonesia ADR		79,449		2,881,615
Telekomunikasi Indonesia Persero		19,835,000		3,678,121

				13,385,296

Malaysia — 3.6%
Affin Holdings		35,200		43,253
AMMB Holdings		976,600		2,136,385
DRB-Hicom		1,127,000		907,692
Kulim Malaysia *		515,000		492,361
Malayan Banking		2,737,900		7,888,021
Petronas Chemicals Group		242,500		481,219
POS Malaysia		156,300		261,443
Puncak Niaga Holdings		260,200		228,662
RHB Capital		143,200		328,847
Telekom Malaysia		2,953,800		4,862,497
Tenaga Nasional		8,138,300		28,691,152

				46,321,532

Mexico — 4.9%
Alfa, Ser A		4,592,396		12,938,648
America Movil ADR, Ser L		1,035,493		22,014,581
America Movil, Ser L		2,162,547		2,305,811
Axtel *		762,000		310,520
Banregio Grupo Financiero		49,402		270,392
Bio Pappel *		143,800		334,394
Empresas ICA *		425,041		820,907
Fomento Economico Mexicano ADR		2,844		256,643
Gruma *		510,790		4,163,011
Grupo Aeroportuario del Centro Norte Sab		69,200		214,782
Grupo Aeroportuario del Pacifico		697,864		3,804,491
Grupo Aeroportuario del Pacifico ADR		13,336		722,678
Grupo Financiero Banorte		1,539,700		9,718,968
Grupo Financiero Inbursa		259,524		647,161
Grupo Lala		150,800		321,355
Grupo Simec *		39,900		148,812
OHL Mexico *		1,899,083		4,656,118
TF Administradora Industrial S de RL REIT		126,130		233,323

				63,882,595

Pakistan — 0.2%
Attock Refinery		268,591		552,135
Bank Alfalah		904,800		237,195
DG Khan Cement		1,948,800		1,768,679


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JANUARY 31, 2014
		(Unaudited)


COMMON STOCK — continued
	Shares		Value
Pakistan — continued
Pakistan Telecommunication		1,728,382	$	469,328

				3,027,337

Panama — 0.1%
Avianca Holdings ADR *		44,932		713,071

Peru — 0.0%
Credicorp		2,353		310,408

Philippines — 0.1%
Cebu Air		136,660		149,054
Globe Telecom		6,955		261,497
Lopez Holdings		116,800		11,136
Metropolitan Bank & Trust		303,602		507,117
Vista Land & Lifescapes		2,465,500		282,394

				1,211,198

Poland — 1.4%
Asseco Poland		21,098		308,170
Grupa Lotos *		116,387		1,304,184
PGE		447,244		2,341,220
Polski Koncern Naftowy Orlen		849,301		10,451,899
Tauron Polska Energia		2,327,921		3,161,010

				17,566,483

Russia — 4.1%
LUKOIL ADR		485,141		27,580,266
OAO Gazprom ADR		2,128,359		17,580,245
Sistema GDR		256,982		6,935,944
Surgutneftegas ADR		66,607		512,208

				52,608,663

South Africa — 4.7%
FirstRand		2,657,768		7,443,616
Imperial Holdings		621,693		10,322,851
Liberty Holdings		254,071		2,605,991
MMI Holdings		2,247,998		4,766,488
Mondi		110,107		1,667,534
MTN Group		154,483		2,745,700
Murray & Roberts Holdings *		102,526		228,830
Netcare		107,468		215,197
Sanlam		678,532		2,912,226
Sappi *		324,039		1,003,773
Sasol		385,950		18,523,099
Standard Bank Group		46,498		489,398
Steinhoff International Holdings		1,360,659		5,608,440
Sun International		2,999		26,585
Telkom *		660,239		1,797,438
Woolworths Holdings		53,277		290,083

				60,647,249

South Korea — 19.0%
AtlasBX *		249,908		9,469,012


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JANUARY 31, 2014
		(Unaudited)


COMMON STOCK — continued
	Shares		Value
South Korea — continued
CJ *		98,940	$	10,850,760
CJ E&M *		13,951		436,436
CKH Food & Health		80,755		277,485
Daelim Industrial *		20,591		1,575,194
Daou Data *		15,940		75,259
Daou Technology *		39,180		573,032
Dongbu Insurance		7,309		363,942
Dongyang E&P *		15,443		256,064
Ecoplastic *		228,571		429,453
Hana Financial Group		486,830		18,421,355
Hanil E-Wha *		173,830		2,685,495
Hansol Paper *		24,320		272,518
Hanwha *		283,370		9,535,930
Hanwha Life Insurance		41,690		284,166
Hite Holdings *		14,760		157,813
Husteel *		22,760		381,511
Hwa Shin *		18,740		190,045
Hyosung *		35,677		2,228,541
Hyundai Hy Communications & Networks *		50,240		264,255
Hyundai Motor		98,906		21,465,100
Hyundai Steel *		6,218		437,946
Industrial Bank of Korea *		95,090		1,097,502
INTOPS		8,242		152,159
Kia Motors		364,370		18,179,585
Kolon *		25,730		385,424
Kolon Industries *		5,073		237,278
Korea District Heating *		2,802		188,073
KT		536,820		15,535,063
Ktis *		65,330		298,082
LG Display *		603,090		14,085,843
LG Uplus		190,080		1,946,261
LIG Insurance		31,920		934,187
Lotte Food *		387		282,347
Mando *		1,946		217,366
NEOWIZ HOLDINGS *		6,358		72,809
POSCO		3,133		870,975
Samsung Electronics		58,941		69,798,447
SK Holdings *		75,349		12,547,316
SK Hynix *		67,630		2,356,495
SK Telecom		56,162		11,315,818
Sungwoo Hitech *		23,079		330,097
Taekwang Industrial *		36		47,125
Taeyoung Engineering & Construction *		67,270		339,303
TS *		17,738		463,192
Woori Finance Holdings *		1,172,265		13,410,913
Youngone Holdings *		16,154		1,087,977

				246,810,949

Taiwan — 11.4%
AcBel Polytech		444,000		460,390
Accton Technology		450,000		243,117


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JANUARY 31, 2014
		(Unaudited)


COMMON STOCK — continued
	Shares		Value
Taiwan — continued
Advanced Semiconductor Engineering		942,000	$	863,133
AmTRAN Technology		639,000		412,036
Cheng Loong		2,253,680		1,058,424
Chia Chang		160,000		201,683
Chimei Materials Technology		123,000		161,997
China General Plastics		681,580		357,295
China Life Insurance		339,000		323,071
China Man-Made Fiber *		1,958,000		789,230
ChipMOS Technologies		10,263		194,586
CMC Magnetics *		3,274,000		522,687
Compal Electronics		1,192,169		886,260
Coretronic		450,000		416,852
CTBC Financial Holding		1,678,200		1,104,734
Elitegroup Computer Systems		398,040		234,319
Feng TAY Enterprise		106,734		240,180
Formosa Chemicals & Fibre		99,000		259,305
Formosa Taffeta		387,000		409,022
FSP Technology		217,357		215,948
Fubon Financial Holding		15,057,520		21,242,529
Gigabyte Technology		54,000		71,264
Global Brands Manufacture		389,643		140,125
GMI Technology *		177,916		86,077
Grand Pacific Petrochemical		1,166,000		844,368
Hannstar Board		509,234		191,244
Hon Hai Precision Industry		10,941,600		30,566,306
Innolux *		19,346,000		6,708,810
Inventec		7,533,851		6,950,772
King Yuan Electronics		2,127,000		1,453,003
King’s Town Bank		907,000		883,363
Lingsen Precision Industries		448,000		253,781
Lite-On Technology		6,127,711		9,075,194
Long Bon International		53,000		28,648
Mega Financial Holding		7,669,419		6,192,123
Mercuries & Associates		1,323,138		870,857
Mercuries Life Insurance *		380,000		243,768
Micro-Star International		993,000		863,929
Nien Hsing Textile		286,143		283,380
Pegatron		6,414,343		8,382,493
Pou Chen		8,669,270		11,983,894
Powertech Technology		485,000		669,264
President Chain Store		42,000		281,227
P-Two Industries		49,000		23,220
Shihlin Development		148,800		191,304
Shin Kong Financial Holding		9,603,617		3,216,263
Shinkong Synthetic Fibers		649,000		212,433
Silicon Motion Technology ADR		29,982		504,597
SinoPac Financial Holdings		5,062,973		2,358,991
Ta Chong Bank *		673,080		234,359
Taichung Commercial Bank		669,240		240,552
Taishin Financial Holding		8,437,245		3,983,379


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JANUARY 31, 2014
		(Unaudited)


COMMON STOCK — continued
	Shares		Value
Taiwan — continued
Taiwan Business Bank *		596,299	$	176,987
Taiwan Life Insurance *		316,000		292,464
Taiwan Semiconductor		454,000		440,139
Taiwan Surface Mounting Technology		593,250		877,224
Taiwan Union Technology		395,000		360,660
Tatung *		3,520,000		1,007,766
Topco Scientific		117,287		219,524
TYC Brother Industrial		179,162		94,562
United Integrated Services		256,000		327,059
United Microelectronics		25,149,000		10,291,025
Vanguard International Semiconductor		975,000		1,066,879
Winbond Electronics *		13,969,000		3,366,942
Yageo		1,407,700		579,567

				147,686,584

Thailand — 5.3%
Advanced Info Service NVDR		1,832,200		11,600,418
Airports of Thailand NVDR		1,316,900		6,841,816
Bangchak Petroleum NVDR		2,550,300		2,066,662
Bangkok Bank		803,000		4,171,902
Bangkok Bank NVDR		193,500		1,005,309
Bangkok Expressway		166,400		161,309
Delta Electronics Thailand NVDR		169,700		272,466
Jasmine International NVDR		3,153,900		673,584
Krung Thai Bank		5,257,400		2,659,757
Krung Thai Bank NVDR		5,878,300		2,973,875
Krungthai Card NVDR		218,200		193,346
Lanna Resources		220,600		74,179
PTT Exploration & Production NVDR		210,800		977,050
PTT Global Chemical NVDR		3,624,700		7,823,686
PTT NVDR		1,147,000		9,590,185
Ratchaburi Electricity Generating Holding NVDR		131,200		189,785
Sri Trang Agro-Industry NVDR		434,100		161,752
Thai Airways International NVDR		768,500		328,260
Thai Oil NVDR		996,700		1,592,727
Thanachart Capital		3,005,900		2,822,869
Thanachart Capital NVDR		2,550,300		2,395,010
Tisco Financial Group NVDR		121,200		135,850
Total Access Communication NVDR		3,087,900		8,956,874
TPI Polene		710,600		226,032
TPI Polene		3,208,900		1,020,704

				68,915,407

Turkey — 3.5%
Aksa Akrilik Kimya Sanayii		424,858		1,405,794
Alarko Gayrimenkul Yatirim Ortakligi REIT		66,476		563,132
Alarko Holding		125,921		259,574
Arcelik		290,540		1,433,036
BIM Birlesik Magazalar		17,625		300,949
Eregli Demir ve Celik Fabrikalari		9,481,275		11,366,122
Gubre Fabrikalari *		382,432		556,578


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JANUARY 31, 2014
		(Unaudited)


COMMON STOCK — continued
	Shares/Number of Rights		Value
Turkey — continued
Ipek Matbacilik Sanayi Ve Ticaret *		302,419	$	303,677
Is Yatirim Menkul Degerler		86,763		44,521
Kiler Gayrimenkul Yatirim Ortakligi REIT *		425,158		191,834
Koza Anadolu Metal Madencilik Isletmeleri *		834,501		804,748
Pinar Entegre Et ve Un Sanayi		36,787		131,487
Sekerbank *		145,394		129,919
Soda Sanayii		125,259		154,593
Tumosan Motor ve Traktor Sanayi		99,367		201,758
Turk Hava Yollari		2,189,650		6,528,462
Turk Sise ve Cam Fabrikalari		4,202,852		4,647,938
Turkiye Is Bankasi		4,884,026		8,750,025
Turkiye Vakiflar Bankasi Tao		4,810,452		7,341,440
Vestel Elektronik Sanayi ve Ticaret *		400,917		248,290
Yazicilar Holding, Cl A		23,627		186,039

				45,549,916

TOTAL COMMON STOCK (Cost $1,088,517,511)				1,186,864,565

PREFERRED STOCK — 7.2%

Brazil — 7.2%
Bradespar		185,400		1,713,217
Braskem, Ser A *		596,410		4,591,857
Cia Brasileira de Distribuicao Grupo Pao de Acucar		424,901		16,444,941
Cia Energetica de Minas Gerais		2,040,916		11,780,777
Cia Energetica de Sao Paulo		406,100		3,882,203
Cia Energetica do Ceara		19,930		396,577
Cia Paranaense de Energia, Ser B		303,800		3,503,472
Eletropaulo Metropolitana Eletricidade de Sao Paulo		178,300		648,699
Embratel Participacoes		60		—
Gerdau		1,246,800		8,860,507
Metalurgica Gerdau		707,400		6,278,880
Petroleo Brasileiro		2,526,000		15,386,802
San Carlos Empreendimentos e Participacoes (A) *		455		—
Telefonica Brasil		566,000		10,758,281
Usinas Siderurgicas de Minas Gerais, Ser A *		1,807,900		8,914,953

TOTAL PREFERRED STOCK (Cost $116,784,736)				93,161,166

RIGHTS — 0.0%

Brazil — 0.0%
Marfrig Global Foods, Expires 2/27/14 * (Cost $—)		490		2


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JANUARY 31, 2014
		(Unaudited)



SHORT-TERM INVESTMENT — 1.1%
	Shares		Value
Union Bank, N.A. Diversified Money Market Fund, Fiduciary Shares, 0.020% (B) (Cost $14,468,908)		14,468,908	$	14,468,908

TOTAL INVESTMENTS — 99.8% (Cost $1,219,771,155)†			$	1,294,494,641

Percentages are based on Net Assets of $1,297,574,028.

Non-income producing security.

(A)

Security is fair valued using methods determined in good faith by the Fair Value Pricing Committee of the Board of Trustees. The total value of such securities as of January 31, 2014, was $2 and represented 0.0% of net assets.

(B)

The rate reported is the 7-day effective yield as of January 31, 2014.

†

At January 31, 2014, the tax basis cost of the Fund’s investments was $1,219,771,155, and the unrealized appreciation and depreciation were $182,232,694 and $(107,509,208), respectively.

ADR – American Depositary Receipt

Cl – Class

GDR – Global Depositary Receipt

NVDR – Non-Voting Depositary Receipt

REIT – Real Estate Investment Trust

Ser – Series


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		January 31, 2014
		(Unaudited)

The list of inputs used to value the Portfolio’s net assets as of January 31, 2014 is as follows:


Investments in Securities	Level 1		Level 2		Level 3†		Total
Common Stock
Argentina	$	11,778,333	$	—	$	—	$	11,778,333
Brazil		92,637,571		—		2		92,637,573
Chile		8,428,719		—		—		8,428,719
China		56,083,694		126,890,985		—		182,974,679
Egypt		—		3,821,017		—		3,821,017
Hong Kong		75,653		7,257,765		—		7,333,418
Hungary		349,932		—		—		349,932
India		110,904,206		—		—		110,904,206
Indonesia		2,910,273		10,475,023		—		13,385,296
Malaysia		—		46,321,532		—		46,321,532
Mexico		63,882,595		—		—		63,882,595
Pakistan		3,027,337		—		—		3,027,337
Panama		713,071		—		—		713,071
Peru		310,408		—		—		310,408
Philippines		—		1,211,198		—		1,211,198
Poland		17,566,483		—		—		17,566,483
Russia		52,608,663		—		—		52,608,663
South Africa		60,647,249		—		—		60,647,249
South Korea		463,192		246,347,757		—		246,810,949
Taiwan		699,183		146,987,401		—		147,686,584
Thailand		68,915,407		—		—		68,915,407
Turkey		45,549,916		—		—		45,549,916

Total Common Stock		597,551,885		589,312,678		2		1,186,864,565

Preferred Stock		93,161,166		—		—^		93,161,166
Rights		2		—		—		2
Short-Term Investment		14,468,908		—		—		14,468,908

Total Investments in Securities	$	705,181,961	$	589,312,678	$	2	$	1,294,494,641

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

† A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Portfolio has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

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

For the period ended January 31, 2014, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded.

For information on the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent semi-annual or annual financial statements.

ACA-QH-003-1400


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS DEBT FUND
		JANUARY 31, 2014
		(Unaudited)


SCHEDULE OF INVESTMENTS
GLOBAL BONDS — 93.1%
	Face Amount (000) ⁽¹⁾		Value
Barbados — 0.6%
Barbados Government International Bond 6.625%, 12/05/35		310	$	226,300

Brazil — 11.6%
Brazil Notas do Tesouro Nacional, Ser F 10.000%, 01/01/17	BRL	3,945		1,521,682
10.000%, 01/01/21	BRL	2,807		996,221
10.000%, 01/01/23	BRL	5,868		2,014,067

				4,531,970

Colombia — 3.6%
Colombian TES 6.000%, 04/28/28	COP	2,666,200		1,142,700
Empresa de Telecomunicaciones de Bogota 7.000%, 01/17/23 (A)	COP	664,000		281,288

				1,423,988

Dominican Republic — 2.0%
Dominican Republic International Bond 15.000%, 04/05/19 (A)	DOP	17,300		446,933
14.500%, 02/10/23 (A)	DOP	6,700		162,433
14.000%, 02/06/15 (A)	DOP	8,000		193,160

				802,526

Ghana — 3.7%
Ghana Government Bond 24.000%, 05/25/15	GHS	400		175,933
21.000%, 10/26/15	GHS	2,120		908,019
19.240%, 05/30/16	GHS	650		270,572
16.900%, 03/07/16	GHS	250		100,140

				1,454,664

Grenada — 0.3%
Grenada Government International Bond 6.000%, 09/15/25 (A) (B)		375		121,875

Indonesia — 7.2%
Indonesia Treasury Bond 11.000%, 11/15/20	IDR	7,830,000		719,071
11.000%, 09/15/25	IDR	954,000		87,313
10.250%, 07/15/22	IDR	2,600,000		227,961
10.000%, 02/15/28	IDR	5,033,000		425,188
9.500%, 05/15/41	IDR	680,000		54,717
8.375%, 03/15/24	IDR	2,375,000		186,847
8.375%, 03/15/34	IDR	4,120,000		303,011
6.625%, 05/15/33	IDR	13,847,000		839,212

				2,843,320

Ivory Coast — 0.8%
Ivory Coast Government International Bond 5.750%, 12/31/32		340		294,100


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS DEBT FUND
		JANUARY 31, 2014
		(Unaudited)


GLOBAL BONDS — continued
	Face Amount (000) ⁽¹⁾			Value

Malaysia — 3.1%
Malaysia Government Bond 4.935%, 09/30/43		MYR	1,350	$	403,115
3.492%, 03/31/20		MYR	1,440		416,692
3.480%, 03/15/23		MYR	1,465		410,643

					1,230,450

Mexico — 6.9%
America Movil 6.450%, 12/05/22		MXN	3,530		238,799
Mexican Bonos 8.500%, 11/18/38		MXN	11,905		964,083
8.000%, 12/07/23		MXN	8,182		672,500
Petroleos Mexicanos 7.650%, 11/24/21 (A)		MXN	11,130		842,776

					2,718,158

Mozambique — 1.3%
EMATUM Via Mozambique EMATUM Finance 2020 6.305%, 09/11/20			540		504,900

Nigeria — 4.6%
Nigeria Government Bond 16.390%, 01/27/22		NGN	115,750		801,270
16.000%, 06/29/19		NGN	96,460		642,829
10.700%, 05/30/18		NGN	62,150		345,883

					1,789,982

Peru — 0.3%
Peru Government Bond 6.900%, 08/12/37		PEN	345		112,861

Philippines — 1.5%
Philippine Government International Bond 6.250%, 01/14/36		PHP	10,000		221,756
3.900%, 11/26/22		PHP	18,000		374,002

					595,758

Poland — 2.0%
Poland Government Bond 4.000%, 10/25/23		PLN	775		232,353
2.750%, 08/25/23		PLN	1,425		543,647

					776,000

Russia — 11.4%
RusHydro JSC via RusHydro Finance MTN 7.875%, 10/28/15		RUB	26,400		739,230
Russian Agricultural Bank Via RSHB Capital 8.625%, 02/17/17 (A)		RUB	8,300		232,145
Russian Federal Bond - OFZ 8.150%, 02/03/27		RUB	27,730		782,937
7.600%, 07/20/22		RUB	21,205		580,621
7.500%, 03/15/18		RUB	40,170		1,134,857
7.050%, 01/19/28		RUB	17,795		453,198
7.000%, 01/25/23		RUB	21,320		560,430

					4,483,418


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS DEBT FUND
		JANUARY 31, 2014
		(Unaudited)


GLOBAL BONDS — continued
	Face Amount (000) ⁽¹⁾		Value
Serbia — 2.4%
Serbia Treasury Bonds 10.000%, 04/04/15	RSD	28,750	$	335,629
10.000%, 10/17/16	RSD	29,810		342,605
10.000%, 01/24/18	RSD	24,150		271,615

				949,849

South Africa — 5.3%
South Africa Government Bond 10.500%, 12/21/26	ZAR	1,537		154,481
8.750%, 02/28/48	ZAR	10,565		885,686
7.000%, 02/28/31	ZAR	9,235		667,058
6.250%, 03/31/36	ZAR	5,580		358,558

				2,065,783

Supra-National — 0.8%
International Finance MTN 7.750%, 12/03/16	INR	19,630		316,123

Tanzania — 2.7%
Standard Bank 7.250%, 10/07/14		1,000		1,046,600

Thailand — 1.9%
Thailand Government Bond 3.775%, 06/25/32	THB	4,250		119,565
3.625%, 06/16/23	THB	15,000		442,985
3.580%, 12/17/27	THB	7,017		199,593

				762,143

Turkey — 6.5%
Turkey Government Bond 10.500%, 01/15/20	TRY	1,430		640,799
9.500%, 01/12/22	TRY	1,665		711,488
7.100%, 03/08/23	TRY	3,225		1,183,375

				2,535,662

Uganda — 4.7%
Republic of Uganda Government Bond 11.000%, 01/21/21	UGX	245,000		84,120
10.750%, 01/26/17	UGX	1,740,800		658,809
10.750%, 02/22/18	UGX	1,500,000		555,510
Republic of Uganda Government Bonds 14.625%, 11/01/18	UGX	330,900		138,193
10.250%, 10/09/14	UGX	1,053,000		424,439

				1,861,071

Uruguay — 0.8%
Uruguay Notas del Tesoro 11.000%, 03/21/17	UYU	4,350		175,708
Uruguay Treasury Bills 13.551%, 11/07/14 (C)	UYU	3,800		153,146

				328,854

Venezuela — 3.7%
Petroleos de Venezuela 5.250%, 04/12/17		590		399,725
4.900%, 10/28/14		1,132		1,049,930

				1,449,655


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS DEBT FUND
		JANUARY 31, 2014
		(Unaudited)


GLOBAL BONDS — continued
	Face Amount (000) ⁽¹⁾ / Number of Warrants/ Shares		Value
Zambia — 3.4%
Zambia Government Bond 15.000%, 08/15/23	ZMK	320	$	48,442
14.000%, 08/16/18	ZMK	290		47,396
13.000%, 09/01/22	ZMK	2,800		412,491
12.000%, 02/20/17	ZMK	980		157,036
11.000%, 09/02/17	ZMK	2,615		402,218
10.000%, 03/19/15	ZMK	1,565		267,569

				1,335,152

TOTAL GLOBAL BONDS (Cost $41,450,604)				36,561,162


WARRANTS — 1.0%
Central Bank of Nigeria, Expires 11/15/20 *		1,250		202,500
Venezuela Government International Bond, Expires 04/15/20 *		7,000		169,750

TOTAL WARRANTS (Cost $456,000)				372,250


SHORT-TERM INVESTMENT — 5.0%
Reich & Tang Daily Money Market Fund, Institutional Class, 0.040% (D) (Cost $1,980,290)		1,980,290		1,980,290

TOTAL INVESTMENTS— 99.1% (Cost $43,886,894)†			$	38,913,702


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS DEBT FUND
		JANUARY 31, 2014
		(Unaudited)

The summary of outstanding forward foreign currency contracts held by the Fund at January 31, 2014, is as follows:


Settlement Date	Currency to Receive		Currency to Deliver				Contract Value			Unrealized Appreciation (Depreciation)
2/3/14-3/18/14	USD	392,197		ZAR	(4,408,522	)	$	(395,263	)	$	(3,067	)
2/6/14	HRK	7,691,310		EUR	(1,005,000	)		1,355,765			291
2/6/14	EUR	1,003,419		HRK	(7,691,310	)		1,353,342			(2,423	)
2/7/14	USD	755,000		HUF	(170,356,300	)		(735,690	)		19,310
2/7/14	HUF	588,300,000		USD	(2,650,000	)		2,540,594			(109,406	)
2/10/14	USD	406,977		ARS	(3,500,000	)		(425,241	)		(21,264	)
2/10/14	ARS	980,200		USD	(145,000	)		119,932			(25,068	)
2/10/14-2/28/14	USD	830,000		UAH	(7,242,500	)		(829,606	)		394
2/10/14-6/3/14	ARS	8,548,550		USD	(1,125,000	)		920,430			(204,570	)
2/10/14-10/3/14	USD	1,284,000		INR	(83,524,660	)		(1,318,163	)		(34,163	)
2/10/14-10/3/14	INR	63,828,800		USD	(980,000	)		1,000,612			20,612
2/13/14	USD	914,510		COP	(1,778,669,750	)		(881,694	)		32,816
2/13/14	USD	1,630,000		MYR	(5,296,737	)		(1,581,634	)		48,366
2/13/14	COP	685,125,000		USD	(350,000	)		339,619			(10,381	)
2/13/14	MYR	14,413,586		USD	(4,475,000	)		4,303,973			(171,027	)
2/18/14	USD	215,000		CZK	(4,328,466	)		(212,040	)		2,960
2/20/14	USD	178,159		CLP	(96,847,500	)		(173,946	)		4,214
2/20/14	CLP	96,847,500		USD	(185,000	)		173,946			(11,054	)
2/21/14-12/9/14	USD	1,005,000		PEI	(2,919,670	)		(994,892	)		10,108
2/21/14-12/9/14	PEI	4,617,630		USD	(1,608,995	)		1,593,256			(15,739	)
2/26/14	PLN	11,141,836		USD	(3,596,113	)		3,529,123			(66,990	)
2/26/14-3/3/14	USD	430,000		PLN	(1,324,138	)		(419,366	)		10,634
2/27/14	RON	1,925,493		EUR	(431,000	)		575,998			(5,338	)
2/28/14	USD	2,172,148		MXP	(28,396,439	)		(2,118,704	)		53,444
2/28/14	MXP	44,278,570		USD	(3,368,000	)		3,303,695			(64,305	)
3/3/14	PLN	1,098,869		EUR	(260,000	)		347,951			(2,741	)
3/3/14	EUR	220,000		PLN	(925,498	)		296,739			3,686
3/3/14	GTQ	6,702,250		USD	(830,000	)		854,673			24,673
3/10/14-6/27/14	USD	1,853,101		TRY	(3,730,461	)		(1,601,035	)		252,066
3/10/14-6/27/14	TRY	6,161,268		USD	(2,990,000	)		2,665,285			(324,716	)
3/18/14	ZAR	19,162,501		USD	(1,815,000	)		1,712,854			(102,146	)
3/20/14	UYU	9,752,400		USD	(430,000	)		433,063			3,063
3/20/14-7/25/14	USD	805,000		UYU	(18,676,700	)		(815,320	)		(10,320	)
3/20/14-8/13/14	RUB	73,843,320		USD	(2,172,000	)		2,040,702			(131,298	)
3/26/14-6/18/14	KZT	276,624,750		USD	(1,752,000	)		1,749,163			(2,837	)
3/31/14	HUF	94,350,827		EUR	(315,000	)		405,862			(18,988	)
4/3/14	USD	415,000		PHP	(18,467,500	)		(407,128	)		7,872
4/4/14	NGN	52,928,000		USD	(320,000	)		318,970			(1,030	)
4/8/14	USD	300,000		KRW	(319,800,000	)		(297,567	)		2,433
4/14/14	USD	2,985,000		RUB	(100,934,790	)		(2,827,709	)		157,291
4/16/14	USD	171,034		EUR	(125,000	)		(168,593	)		2,441
4/16/14	USD	440,000		THB	(14,663,000	)		(442,445	)		(2,445	)
4/16/14	THB	98,789,400		USD	(2,995,000	)		2,980,895			(14,105	)
4/28/14	USD	965,000		BRL	(2,355,256	)		(954,751	)		10,249
5/8/14	USD	451,417		CNH	(2,787,703	)		(460,435	)		(9,018	)
5/8/14	CNH	2,787,703		USD	(445,000	)		460,435			15,435
5/12/14-6/30/14	EGP	9,805,760		USD	(1,315,000	)		897,445			43,753
6/18/14	USD	847,292		KZT	(136,583,500	)		(856,674	)		(9,382	)
7/24/14-8/19/14	USD	1,000,000		IDR	(11,416,200,000	)		(903,686	)		96,314
7/24/14-8/19/14	IDR	11,416,200,000		USD	(911,141	)		903,686			(7,455	)

										$	(558,851	)


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS DEBT FUND
		JANUARY 31, 2014
		(Unaudited)

A summary of the counterparties for the open forward foreign currency contracts held by the Fund at January 31,2014, is as follows:


Counterparty	Currency to Receive		Currency to Deliver			Unrealized Appreciation (Depreciation)
Bank of New York	$	630,000$	$	(619,168	)	$	10,832
Brown Brothers Harriman		5,400,645		(5,595,953	)		(195,308	)
Citigroup		4,775,214		(4,708,231	)		66,983
HSBC		1,602,736		(1,588,923	)		13,813
State Street		20,591,651		(20,511,092	)		80,559
UBS		25,084,903		(25,620,633	)		(535,730	)

						$	(558,851	)

For the period ended January 31, 2014, the total amount of all open forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

Currency Legend


ARS	Argentine Peso	HUF	Hungarian Forint	RON	Romanian Leu
BRL	Brazilian Real	IDR	Indonesia Rupiah	RSD	Serbian Dinar
CLP	Chilean Peso	INR	Indian Rupee	RUB	Russian Ruble
CNH	Chinese Offshore Yuan Renminbi	KRW	South Korean Won	THB	Thai Baht
COP	Colombian Peso	KZT	Kazakhstan Tenge	TRY	Turkish Lira
CZK	Czech Koruna	MXN	Mexican Peso	UAH	Ukraine Hryvnia
DOP	Dominican Peso	MYR	Malaysian Ringgit	UGX	Ugandan Shilling
EGP	Egyption Pound	NGN	Nigerian Naira	USD	U.S. Dollar
EUR	Euro Dollar	PEI	Peruvian Inca	UYU	Uruguayan Peso
GHS	Ghana Cedi	PEN	Peruvian Nuevo Sol	ZAR	South African Rand
GTQ	Guatemalan Quetzal	PHP	Philippine Peso	ZMK	Zambian Kwacha
HRK	Croatian Kuna	PLN	Polish Zloty

Outstanding open swap agreements held by the Fund at January 31, 2014, is as follows:


Interest Rate Swaps
Counterparty	Fund Pays	Fund Receives			Termination Date		Currency	Notional Amount		Net Unrealized Depreciation
Citigroup	Float Quarterly JIBAR		6.64	%		12/13/2016	ZAR		16,000,000	$	(40,458	)
Citigroup	Float Quarterly JIBAR		6.07	%		08/15/2015	ZAR		18,000,000		(24,814	)

										$	(65,272	)

For the period ended January 31, 2014, the total amount of all open swap agreements, as presented in the tables above, are representative of the volume of activity for this derivative type during the period.

Percentages are based on Net Assets of $39,254,788.

Non-income producing security.

(1)

In U.S dollars unless otherwise indicated.

(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 in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

(B)

Security in default on interest payments.

(C)

Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(D)

The rate reported is the 7-day effective yield as of January 31, 2014.

†

At January 31, 2014, the tax basis cost of the Fund’s investments was $43,886,894, and the unrealized appreciation and depreciation were $137,152 and $(5,110,344,) respectively.

JIBAR – Johannesburg Interbank Agreed Rate

MTN – Medium Term Note

Ser – Series


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS DEBT FUND
		JANUARY 31, 2014
		(Unaudited)

The list of inputs used to value the Fund’s net assets as of January 31, 2014 is as follows:


Investments in Securities	Level 1		Level 2			Level 3		Total
Global Bonds	$	—	$	36,561,162		$	—	$	36,561,162
Warrants		—		372,250			—		372,250
Short-Term Investment		1,980,290		—			—		1,980,290

Total Investments in Securities	$	1,980,290	$	36,933,412		$	—	$	38,913,702


Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Forward Contracts – Appreciation	$	—	$	842,570		$	—	$	842,570
Forward Contracts – Depreciation		—		(1,401,421	)		—		(1,401,421	)
Interest Rate Swaps – Depreciation		—		(65,272	)		—		(65,272	)

Total Other Financial Instruments	$	—	$	(624,123	)	$	—	$	(624,123	)

* Forward contracts and swaps are valued at the net unrealized appreciation (depreciation) on the instrument.

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

For the period ended January 31, 2014, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended January 31, 2014, there have been no transfers between Level 2 and Level 3 assets and liabilities.

For the period ended January 31, 2014 there were no Level 3 investments.

For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

ACA-QH-003-1400

Item 2.

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3.

Exhibits.

(a) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 31, 2014

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.