UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21587
Old Mutual Funds I
(Exact name of registrant as specified in charter)
________
4643 South Ulster Street, Suite 600
Denver, CO 80237
(Address of principal executive offices)
Julian F. Sluyters
4643 South Ulster Street, Suite 600, Denver, CO 80237
(Name and address of agent for service)
Copies to:
| Jay G. Baris, Esq. | Andra C. Ozols, Esq. | |
| Kramer Levin Naftalis & Frankel LLP | Old Mutual Capital, Inc. | |
| 1177 Avenue of the Americas | 4643 South Ulster Street, Suite 600 | |
| New York, New York 10036 | Denver, CO 80237 | |
| (212) 715-9100 | (720) 200-7725 | |
Registrant’s telephone number, including area code: 1-888-772-2888
Date of fiscal year end: July 31
Date of reporting period: January 31, 2009
| Item 1. | Reports to Stockholders. |
[OLD MUTUAL LOGO]
Funds I
Old Mutual Funds I
SEMI-ANNUAL
REPORT
January 31, 2009
Old Mutual Asset Allocation Conservative Portfolio
Old Mutual Asset Allocation Balanced Portfolio
Old Mutual Asset Allocation Moderate Growth Portfolio
Old Mutual Asset Allocation Growth Portfolio
TABLE OF CONTENTS
About This Report 1
Message to Shareholders 3
Management Discussion of Fund Performance
and Schedules of Investments
Old Mutual Asset Allocation Conservative Portfolio
Class A (OMCAX), Class C (OMCCX), Class Z (OMCZX), Institutional Class (OMCIX) 4
Old Mutual Asset Allocation Balanced Portfolio
Class A (OMABX), Class C (OMBCX), Class Z (OMBZX), Institutional Class (OMBLX) 8
Old Mutual Asset Allocation Moderate Growth Portfolio
Class A (OMMAX), Class C (OMMCX), Class Z (OMMZX), Institutional Class (OMMIX) 12
Old Mutual Asset Allocation Growth Portfolio
Class A (OMGAX), Class C (OMCGX), Class Z (OMGZX), Institutional Class (OMGIX) 16
Statements of Assets and Liabilities 21
Statements of Operations 22
Statements of Changes in Net Assets 23
Financial Highlights 24
Notes to Financial Statements 26
Proxy Voting and Portfolio Holdings 39
Fund Expenses Example 40
ABOUT THIS REPORT
HISTORICAL RETURNS
____________________________________________________________________________________________________________________________________
All total returns mentioned in this report account for the change in a Fund's per-share price and the reinvestment of any dividends
and capital gain distributions. If your account is set up to receive Fund dividends and distributions in cash rather than reinvest
them, your actual return may differ from these figures. The Funds' performance results do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on the redemption of Fund shares.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and
current performance may be higher or lower. Please call toll-free at 888-772-2888 or visit oldmutualfunds.com for performance
results current to the most recent month-end.
Performance results for short periods of time may not be representative of longer-term results. Performance without load assumes
that no front-end or contingent deferred sales charge applied or the investment was not redeemed. Performance with load assumes that
a front-end or contingent deferred sales charge applied to the extent applicable. The Funds each offer Class A, Class C, Class Z and
Institutional Class shares. Class A shares have a current maximum up-front sales charge of 5.75% and are subject to an annual
service fee of 0.25%. Class C shares are subject to aggregate annual distribution and service fees of 1.00% and will be subject to a
contingent deferred sales charge of 1.00% if redeemed within the first 12 months of purchase. Class Z and Institutional Class shares
are only available to eligible shareholders. The returns for certain periods may reflect fee waivers and/or reimbursements in effect
for that period; absent fee waivers and reimbursements, performance would have been lower.
FUND DATA
____________________________________________________________________________________________________________________________________
This report reflects views, opinions and Fund holdings as of January 31, 2009, the end of the report period, and are subject to
change. The information is not a complete analysis of every aspect of any sector, industry, security or of the Funds. Opinions and
forecasts regarding industries, companies and/or themes and Fund composition and holdings, are subject to change at any time based
on market and other conditions, and should not be construed as a recommendation of any specific security or as investment advice.
Percentage holdings as of January 31, 2009 are included in each Fund's Schedule of Investments. There is no assurance that the
securities purchased will remain in a Fund or that securities sold have not been repurchased.
There are risks associated with mutual fund investing, including the risk of loss of principal. There is no assurance that the
investment process will consistently lead to successful results. An investment in a Fund is not a bank deposit. It is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
COMPARATIVE INDEXES
____________________________________________________________________________________________________________________________________
The comparative indexes discussed in this report are meant to provide a basis for judging the Funds' performance against specific
benchmarks. Each index shown accounts for both changes in security price and reinvestment of dividends and distributions, but does
not reflect the cost of managing a mutual fund. The Funds may significantly differ in holdings and composition from an index.
Individuals cannot invest directly in an index.
1
ABOUT THIS REPORT - concluded
Indexes:
Barclays Capital U.S. Aggregate Index (formerly known as Lehman Brothers U.S. Aggregate Index)
The unmanaged Barclays Capital U.S. Aggregate Index is a widely recognized measure of the aggregate bond market. The unmanaged index
is market value-weighted inclusive of accrued interest.
Standard & Poor's SuperComposite 1500 Index
The unmanaged Standard & Poor's SuperComposite 1500 ("S&P 1500") Index is a broad-based, capitalization-weighted index comprising
1,500 stocks of large-cap, mid-cap and small-cap U.S. companies.
Standard & Poor's 500 Index
The unmanaged Standard & Poor's 500 ("S&P 500") Index is a market value-weighted index of large-cap common stocks considered
representative of the broad market.
Index returns and statistical data included in this report are provided by Bloomberg, FactSet and Barclays Capital.
2
MESSAGE TO SHAREHOLDERS
Dear Shareholder:
The last six months have been an extraordinary investment period marked by remarkable share price volatility and unprecedented
levels of federal government intervention in financial markets. Decreasing demand for manufactured goods led to large scale layoffs
and U.S. unemployment rose quickly. There were significant declines in the prices of existing family homes and areas throughout the
U.S. reported record numbers of foreclosures. Americans experienced losses associated with their home values as well as their
retirement savings. Equity markets were weak across the board, without regard to market capitalization or investment style. U.S.
stocks, as measured by the S&P 500 Index, declined by (33.95)% for the six-month period ended January 31, 2009. The global economic
outlook also remained negative as declining interest rates, declining consumer demand, fluctuating currency markets, fluctuating
energy prices and earnings downgrades resulted in both a loss of confidence among investors and increased risk aversion.
The economic and financial events that unfolded this period were extraordinary and presented the adviser with a daunting backdrop in
which to manage portfolios. As financial companies scrambled to continue to account for and unwind their mortgage based exposure,
credit continued to contract. Confidence in financial institutions waned and, in some cases, froze. Those companies with the
greatest leverage faced severe hardship. The result was government sponsored bailouts, massive restructurings and bankruptcies. The
economic woes of the U.S. also spread globally. Demand was down across the globe, manufacturing slowed and unemployment rose.
Downward revisions to growth in the U.S., the U.K., Europe and Japan indicated that much of the developed world was already in or
near a recession. Economies in the emerging markets also felt the pinch from the rapid decline in economic activity.
Despite this challenging environment, the current policy response may help the global economy start to recover. Although it may take
some time to play out, strong long-term opportunities are available to patient investors, and when the economy nears the end of this
recession, those investors will likely be rewarded.
As always, we are grateful for your support and will continue to work diligently to enhance your experience as an investor in the
Old Mutual Asset Allocation Portfolios. Please do not hesitate to contact us if there is anything we can do to better serve you.
Feel free to contact me directly at President@oldmutualcapital.com, or please see the back cover of this report for other contact
information.
Sincerely,
/s/ Julian F. Sluyters
Julian F. Sluyters
President
Old Mutual Funds I
3
OLD MUTUAL ASSET ALLOCATION CONSERVATIVE PORTFOLIO
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Ibbotson Associates Advisors, LLC
Performance Highlights
o For the six-month period ended January 31, 2009, Class A shares of the Old Mutual Asset Allocation Conservative Portfolio (the
"Fund") returned (12.03)% at net asset value, while the S&P 1500 Index returned (34.32)% and the Barclays Capital U.S.
Aggregate Index returned 3.23%.
o The Fund's relative performance was hurt this period primarily due to the poor performance of high yield bonds. Fund
performance was also hurt by both international equities and international bonds.
o Old Mutual Barrow Hanley Core Bond Fund was the primary contributor to overall performance this period. Old Mutual Dwight
Intermediate Fixed Income Fund also contributed to overall performance.
o Old Mutual TS&W Mid-Cap Value Fund, Old Mutual International Equity Fund and Old Mutual Barrow Hanley Value Fund were the
greatest detractors from overall performance this period.
Q. How did the Fund perform relative to its benchmark?
A. For the six-month period ended January 31, 2009, Class A shares of the Old Mutual Asset Allocation Conservative Portfolio (the
"Fund") returned (12.03)% at net asset value, while the S&P 1500 Index returned (34.32)% and the Barclays Capital U.S.
Aggregate Index returned 3.23%. Performance for all share classes can be found on page 6.
Q. What investment environment did the Fund face during the past period?
A. In early December of 2008, the National Bureau of Economic Research declared that the U.S. had entered into a recession in late
2007. The purchasing manager's index, a broad index of change in U.S. manufacturing, dropped to its lowest level since June
1980. Decreasing demand for manufactured goods led to large scale layoffs and U.S. unemployment rose quickly. There were
significant declines in the prices of existing family homes and areas throughout the U.S. reported record numbers of
foreclosures. The U.S. Treasury and the U.S. Federal Reserve Board took drastic action, cutting interest rates, restricting
short sales, providing risk capital and arranging bank mergers or guaranteeing deposits. The U.S. Congress approved a bailout
package for the financial services industry and provided a life line to the failing U.S. auto industry. Americans experienced
losses associated with their home values as well as their retirement savings. Coupling this with a widespread fear of financial
institution failures, lack of consumer credit, extended periods of declining savings rates and the highest unemployment in
years, Ibbotson Associates Advisors, LLC ("Ibbotson"), the Fund's sub-adviser, believes it is unlikely that consumers will help
spend the economy out of recession.
The economic woes of the U.S. spread globally. Demand was down across the globe, manufacturing slowed and unemployment rose.
Many countries cut interest rates, and slowing inflation throughout Europe has led to widespread speculation that the European
Central Bank will move to cut interest rates further. The U.K. and Canada saw rising unemployment numbers, while key interest
rates in the U.K, Canada and Japan were lowered.
The commodity exporting emerging markets that benefited during the first half of 2008 experienced a dramatic reversal of
fortune. As commodity prices slid, so did commodity exporting emerging markets. The economies of countries such as Venezuela
and Argentina, which adopted expansionary fiscal policies, experienced a significant downturn. Ibbotson believes the drop in
fortunes for several commodity exporting emerging markets may be politically destabilizing.
Q. Which market factors influenced the Fund's relative performance?
A. The Fund has a 30% equity and 70% fixed income allocation. The Fund's performance was hurt this period primarily due to the
poor performance of high yield bonds. Fund performance was also hurt by both international equities and international bonds.
Q. How did portfolio composition affect Fund performance?
A. The Fund is a "Fund of Funds," which seeks to achieve its investment objective by investing in a portfolio of underlying equity
and fixed income funds, although a portion of its assets may be invested in cash, cash equivalents, or in money market funds.
Based on the performance of the Fund's underlying mutual fund investments, Old Mutual Barrow Hanley Core Bond Fund was the
primary contributor to overall performance this period. Old Mutual Dwight Intermediate Fixed Income Fund also contributed to
overall performance. Old Mutual TS&W Mid-Cap Value Fund, Old Mutual International Equity Fund and Old Mutual Barrow Hanley
Value Fund were the greatest detractors from overall performance this period.
Asset Allocation Conservative Portfolio
4
Top Ten Holdings
as of January 31, 2009
Old Mutual Barrow
Hanley Core Bond Fund 36.8%
___________________________________________________________________________________
Old Mutual Dwight
Intermediate Fixed Income Fund 16.6%
___________________________________________________________________________________
Old Mutual International
Bond Fund 9.5%
___________________________________________________________________________________
Old Mutual Dwight
High Yield Fund 7.8%
___________________________________________________________________________________
Old Mutual TS&W
Mid-Cap Value Fund 7.2%
___________________________________________________________________________________
Old Mutual Barrow
Hanley Value Fund 6.6%
___________________________________________________________________________________
Old Mutual International
Equity Fund 5.8%
___________________________________________________________________________________
Old Mutual Advantage
Growth Fund 2.1%
___________________________________________________________________________________
Old Mutual Focused Fund 1.9%
___________________________________________________________________________________
Old Mutual Analytic
U.S. Long/Short Fund 1.7%
___________________________________________________________________________________
As a % of Total
Fund Investment 96.0%
___________________________________________________________________________________
Q. What is the investment outlook?
A. Ibbotson believes this may be one of the deepest and longest global recessions in recent years, and that, in contrast with many
past recessions, the nature of this recession could have a profound effect on the behavior of the typical investor. Ibbotson
believes layoffs may continue, foreclosures may increase and more businesses may fail. Ibbotson also believes consumers may
dramatically curtail their spending, thus lengthening the recession. Ibbotson believes fear and pessimism may cause investors
to overreact. However, Ibbotson believes that there is cause for optimism. At the current lows, Ibbotson believes strategic
long-term investors may be rewarded, although it expects to see higher than normal volatility, making the journey painful.
Ibbotson believes that the flight to quality that has taken place during the financial crisis has U.S. Treasury bills and the
U.S. dollar overbought. Ibbotson believes that although it may take some time to play out, when the economy nears the end of
this recession, patient investors may see corporate bonds outperform government bonds, high yield bonds outperform high credit
quality bonds, non-U.S. bonds outperform U.S. bonds and equities outperform bonds.
Ibbotson points out that U.S. real estate investment trusts ("REITs") experienced marked volatility in 2008. In contrast with
most other asset classes, REITs had a positive year-to-date return heading into the third quarter. However, in the fourth
quarter, U.S. REITs performed poorly and ended the year with a loss. Ibbotson continues to underweight U.S. REITs due to its
analysis that the current economic environment, high use of leverage, inability to refinance, high borrowing costs, high fixed
costs and falling commercial property prices may hurt REITs relative to general equities.
Ibbotson believes that the flight to quality has had two effects - the U.S. dollar is overvalued relative to most foreign
currencies and the safest, short-term U.S. Treasury bills and bonds are overbought. Given its view that the U.S. dollar is
currently overvalued, Ibbotson's current bias is to overweight non-U.S. equities relative to U.S. equities.
Asset Allocation Conservative Portfolio
5
OLD MUTUAL ASSET ALLOCATION CONSERVATIVE PORTFOLIO - concluded
____________________________________________________________________________________________________________________________________
PERFORMANCE AND PORTFOLIO SUMMARY (UNAUDITED)
Average Annual Total Returns as of January 31, 2009
____________________________________________________________________________________________________________________________________
Annualized
Inception 6 Month 1 Year Inception
Date Return* Return to Date
____________________________________________________________________________________________________________________________________
Class A with front-end load 09/30/04 (17.11)% (18.42)% 0.00%
Class A without front-end load 09/30/04 (12.03)% (13.48)% 1.37%
Class C with deferred sales load 09/30/04 (13.23)% (14.97)% 0.62%
Class C without deferred sales load 09/30/04 (12.41)% (14.17)% 0.62%
Class Z 12/09/05 (11.98)% (13.33)% (0.16)%
Institutional Class 09/30/04 (12.08)% (13.43)% 1.58%
S&P 1500 Index 09/30/04 (34.32)% (38.42)% (4.59)%
Barclays Capital U.S. Aggregate Index 09/30/04 3.23% 2.59% 4.37%
____________________________________________________________________________________________________________________________________
Past performance is not a guarantee of future results. The Fund's performance results do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on the redemption of Fund shares. Information about these performance results and the
comparative indexes can be found on pages 1 and 2.
*Not Annualized
Class A shares have a current maximum initial sales charge of 5.75%; Class C shares may be subject to a contingent deferred sales
charge ("CDSC") of 1.00%, if redeemed within twelve months of the date of purchase; and Class A share purchases of $1 million or
more, which were purchased without an initial sales charge, may be subject to a CDSC of 1.00%, if redeemed within twelve months of
the date of purchase. Please read the prospectus carefully for more information on sales charges. The total annual operating
expenses and net annual operating expenses you may pay as an investor in the Fund's Class A, Class C, Class Z and Institutional
Class shares (as reported in the supplement dated January 2, 2009 to the prospectus dated November 19, 2008) are 1.88% and 1.39%;
2.53% and 2.14%; 4.91% and 1.14%; and 1.65% and 1.14%, respectively. Expenses are based on estimated amounts for the current fiscal
year.
Fund Performance
____________________________________________________________________________________________________________________________________
[LINE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| | Old Mutual Asset Allocation Conservative Portfolio,
Class A | Old Mutual Asset Allocation Conservative Portfolio,
Class C | Old Mutual Asset Allocation Conservative Portfolio,
Institutional Class | S&P 1500 Index | Barclays Capital
U.S. Aggregate Index | |
| 9/30/04 | 9,425 | 10,000 | 10,000 | 10,000 | 10,000 | |
| 7/31/05 | 10,025 | 10,575 | 10,660 | 11,359 | 10,255 | |
| 7/31/06 | 10,365 | 10,853 | 11,048 | 11,954 | 10,405 | |
| 7/31/07 | 11,339 | 11,783 | 12,124 | 13,879 | 10,985 | |
| 7/31/08 | 11,366 | 11,728 | 12,174 | 12,420 | 11,661 | |
| 1/31/09 | 9,999 | 10,273 | 10,703 | 8,157 | 12,038 | |
Past performance is not a guarantee of future results. The graph above compares an investment made in the Fund's Class A, C and
Institutional shares on the inception date of 9/30/04 to an investment made in unmanaged securities indexes on that date. The
performance of the Fund's Class A shares shown in the line graph takes into account the maximum initial sales charge. The Fund's
performance in this chart and the performance table assumes reinvestment of dividends and capital gain distributions but does not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.
Sector Weightings as of January 31, 2009 - % of Total Fund Investments
____________________________________________________________________________________________________________________________________
[PIE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| Cash Equivalents | 1.0% | |
| Government/Corporate | 70.6% | |
| Growth | 2.2% | |
| Growth-Large Cap | 0.7% | |
| Growth-Mid Cap | 0.9% | |
| International Equity | 5.8% | |
| Market Neutral-Equity | 1.7% | |
| Value | 8.5% | |
| Value-Mid Cap | 8.6% | |
6
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Affiliated Mutual Funds(1)- 99.4% Money Market Fund - 1.0%
Government/Corporate - 70.9% Dreyfus Cash Management Fund,
Old Mutual Barrow Institutional Class, 1.265% (A) 422,896 $ 423
Hanley Core Bond Fund 1,569,887 $ 15,668 ______________
Old Mutual Dwight
High Yield Fund 423,405 3,307 Total Money Market Fund (Cost $423) 423
Old Mutual Dwight Intermediate _____________________________________________________________________
Fixed Income Fund 717,720 7,048
Old Mutual International Bond Fund 496,113 4,024 Total Investments - 100.4% (Cost $51,998) 42,540
______________ _____________________________________________________________________
Total Government/Corporate 30,047 Other Assets and Liabilities, Net - (0.4)% (172)
_____________________________________________________________________ _____________________________________________________________________
Growth - 2.2% Total Net Assets - 100.0% $ 42,368
Old Mutual Advantage Growth Fund 182,041 908 _____________________________________________________________________
______________
For descriptions of abbreviations and footnotes, please refer to
Total Growth 908 page 20.
_____________________________________________________________________
Growth-Large Cap - 0.7%
Old Mutual Large Cap Growth Fund* 28,364 313
______________
Total Growth-Large Cap 313
_____________________________________________________________________
Growth-Mid Cap - 0.9%
Old Mutual Provident
Mid-Cap Growth Fund* 70,399 374
______________
Total Growth-Mid Cap 374
_____________________________________________________________________
International Equity - 5.8%
Old Mutual International Equity Fund 403,410 2,465
______________
Total International Equity 2,465
_____________________________________________________________________
Market Neutral-Equity - 1.7%
Old Mutual Analytic
U.S. Long/Short Fund 91,195 733
______________
Total Market Neutral-Equity 733
_____________________________________________________________________
Value - 8.6%
Old Mutual Barrow
Hanley Value Fund 650,995 2,806
Old Mutual Focused Fund 55,094 822
______________
Total Value 3,628
_____________________________________________________________________
Value-Mid Cap - 8.6%
Old Mutual Mid-Cap Fund* 82,269 583
Old Mutual TS&W
Mid-Cap Value Fund 520,598 3,066
______________
Total Value-Mid Cap 3,649
______________
Total Affiliated Mutual Funds (Cost $51,575) 42,117
_____________________________________________________________________
The accompanying notes are an integral part of the financial statements.
7
OLD MUTUAL ASSET ALLOCATION BALANCED PORTFOLIO
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Ibbotson Associates Advisors, LLC
Performance Highlights
o For the six-month period ended January 31, 2009, Class A shares of the Old Mutual Asset Allocation Balanced Portfolio (the
"Fund") returned (24.37)% at net asset value, while the S&P 1500 Index returned (34.32)% and the Barclays Capital U.S.
Aggregate Index returned 3.23%.
o The Fund's relative performance was hurt this period primarily due to the poor performance of international equities. Fund
performance was also hurt by the performance of high yield bonds.
o Old Mutual Barrow Hanley Core Bond Fund was the primary contributor to overall performance this period. Old Mutual Dwight
Intermediate Fixed Income Fund also contributed to overall performance.
o Old Mutual Advantage Growth Fund, Old Mutual International Equity Fund and Old Mutual TS&W Mid-Cap Value Fund were the greatest
detractors from overall performance this period.
Q. How did the Fund perform relative to its benchmark?
A. For the six-month period ended January 31, 2009, Class A shares of the Old Mutual Asset Allocation Balanced Portfolio (the
"Fund") returned (24.37)% at net asset value, while the S&P 1500 Index returned (34.32)% and the Barclays Capital U.S.
Aggregate Index returned 3.23%. Performance for all share classes can be found on page 10.
Q. What investment environment did the Fund face during the past period?
A. In early December of 2008, the National Bureau of Economic Research declared that the U.S. had entered into a recession in late
2007. The purchasing manager's index, a broad index of change in U.S. manufacturing, dropped to its lowest level since June
1980. Decreasing demand for manufactured goods led to large scale layoffs and U.S. unemployment rose quickly. There were
significant declines in the prices of existing family homes and areas throughout the U.S. reported record numbers of
foreclosures. The U.S. Treasury and the U.S. Federal Reserve Board took drastic action, cutting interest rates, restricting
short sales, providing risk capital and arranging bank mergers or guaranteeing deposits. The U.S. Congress approved a bailout
package for the financial services industry and provided a life line to the failing U.S. auto industry. Americans experienced
losses associated with their home values as well as their retirement savings. Coupling this with a widespread fear of financial
institution failures, lack of consumer credit, extended periods of declining savings rates and the highest unemployment in
years, Ibbotson Associates Advisors, LLC ("Ibbotson"), the Fund's sub-adviser, believes it is unlikely that consumers will help
spend the economy out of recession.
The economic woes of the U.S. spread globally. Demand was down across the globe, manufacturing slowed and unemployment rose.
Many countries cut interest rates, and slowing inflation throughout Europe has led to widespread speculation that the European
Central Bank will move to cut interest rates further. The U.K. and Canada saw rising unemployment numbers, while key interest
rates in the U.K, Canada and Japan were lowered.
The commodity exporting emerging markets that benefited during the first half of 2008 experienced a dramatic reversal of
fortune. As commodity prices slid, so did commodity exporting emerging markets. The economies of countries such as Venezuela
and Argentina, which adopted expansionary fiscal policies, experienced a significant downturn. Ibbotson believes the drop in
fortunes for several commodity exporting emerging markets may be politically destabilizing.
Q. Which market factors influenced the Fund's relative performance?
A. The Fund has a 60% equity and 40% fixed income allocation. The Fund's performance was hurt this period primarily due to the
poor performance of international equities. Fund performance was also hurt by the performance of high yield bonds.
Q. How did portfolio composition affect Fund performance?
A. The Fund is a "Fund of Funds," which seeks to achieve its investment objective by investing in a portfolio of underlying equity
and fixed income funds, although a portion of its assets may be invested in cash, cash equivalents, or in money market funds.
Based on the performance of the Fund's underlying mutual fund investments, Old Mutual Barrow Hanley Core Bond Fund was the
primary contributor to overall performance this period. Old Mutual Dwight Intermediate Fixed Income Fund also contributed to
overall performance. Old Mutual Advantage Growth Fund, Old Mutual International Equity Fund and Old Mutual TS&W Mid-Cap Value
Fund were the greatest detractors from overall performance this period.
Asset Allocation Balanced Portfolio
8
Top Ten Holdings
as of January 31, 2009
Old Mutual Barrow
Hanley Core Bond Fund 19.2%
___________________________________________________________________________________
Old Mutual Barrow
Hanley Value Fund 10.9%
___________________________________________________________________________________
Old Mutual International
Equity Fund 10.9%
___________________________________________________________________________________
Old Mutual Dwight
Intermediate Fixed
Income Fund 9.0%
___________________________________________________________________________________
Old Mutual TS&W
Mid-Cap Value Fund 8.4%
___________________________________________________________________________________
Old Mutual Advantage
Growth Fund 7.0%
___________________________________________________________________________________
Old Mutual Discover
Value Fund 6.3%
___________________________________________________________________________________
Old Mutual International
Bond Fund 5.3%
___________________________________________________________________________________
Old Mutual Analytic
U.S. Long/Short Fund 4.6%
___________________________________________________________________________________
Old Mutual Dwight
High Yield Fund 4.5%
___________________________________________________________________________________
As a % of Total
Fund Investments 86.1%
___________________________________________________________________________________
Q. What is the investment outlook?
A. Ibbotson believes this may be one of the deepest and longest global recessions in recent years, and that, in contrast with many
past recessions, the nature of this recession could have a profound effect on the behavior of the typical investor.
Ibbotson believes layoffs may continue, foreclosures may increase and more businesses may fail. Ibbotson also believes
consumers may dramatically curtail their spending, thus lengthening the recession. Ibbotson believes fear and pessimism may
cause investors to overreact. However, Ibbotson believes that there is cause for optimism. At the current lows, Ibbotson
believes strategic long-term investors may be rewarded, although it expects to see higher than normal volatility, making the
journey painful. Ibbotson believes that the flight to quality that has taken place during the financial crisis has U.S.
Treasury bills and the U.S. dollar overbought. Ibbotson believes that although it may take some time to play out, when the
economy nears the end of this recession, patient investors may see corporate bonds outperform government bonds, high yield
bonds outperform high credit quality bonds, non-U.S. bonds outperform U.S. bonds and equities outperform bonds.
Ibbotson points out that U.S. real estate investment trusts ("REITs") experienced marked volatility in 2008. In contrast with
most other asset classes, REITs had a positive year-to-date return heading into the third quarter. However, in the fourth
quarter, U.S. REITs performed poorly and ended the year with a loss. Ibbotson continues to underweight U.S. REITs due to its
analysis that the current economic environment, high use of leverage, inability to refinance, high borrowing costs, high fixed
costs and falling commercial property prices may hurt REITs relative to general equities.
Ibbotson believes that the flight to quality has had two effects - the U.S. dollar is overvalued relative to most foreign
currencies and the safest, short-term U.S. Treasury bills and bonds are overbought. Given its view that the U.S. dollar is
currently overvalued, Ibbotson's current bias is to overweight non-U.S. equities relative to U.S. equities.
Asset Allocation Balanced Portfolio
9
OLD MUTUAL ASSET ALLOCATION BALANCED PORTFOLIO - concluded
____________________________________________________________________________________________________________________________________
PERFORMANCE AND PORTFOLIO SUMMARY (UNAUDITED)
Average Annual Total Returns as of January 31, 2009
____________________________________________________________________________________________________________________________________
Annualized
Inception 6 Month 1 Year Inception
Date Return* Return to Date
____________________________________________________________________________________________________________________________________
Class A with front-end load 09/30/04 (28.74)% (30.63)% (2.14)%
Class A without front-end load 09/30/04 (24.37)% (26.40)% (0.80)%
Class C with deferred sales load 09/30/04 (25.41)% (27.69)% (1.52)%
Class C without deferred sales load 09/30/04 (24.72)% (27.01)% (1.52)%
Class Z 12/09/05 (24.29)% (26.22)% (4.73)%
Institutional Class 09/30/04 (24.36)% (26.30)% (0.58)%
S&P 1500 Index 09/30/04 (34.32)% (38.42)% (4.59)%
Barclays Capital U.S. Aggregate Index 09/30/04 3.23% 2.59% 4.37%
____________________________________________________________________________________________________________________________________
Past performance is not a guarantee of future results. The Fund's performance results do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on the redemption of Fund shares. Information about these performance results and
the comparative indexes can be found on pages 1 and 2.
*Not Annualized
Class A shares have a current maximum initial sales charge of 5.75%; Class C shares may be subject to a contingent deferred sales
charge ("CDSC") of 1.00%, if redeemed within twelve months of the date of purchase; and Class A share purchases of $1 million or
more, which were purchased without an initial sales charge, may be subject to a CDSC of 1.00%, if redeemed within twelve months of
the date of purchase. Please read the prospectus carefully for more information on sales charges. The total annual operating
expenses and net annual operating expenses you may pay as an investor in the Fund's Class A, Class C, Class Z and Institutional
Class shares (as reported in the supplement dated January 2, 2009 to the prospectus dated November 19, 2008) are 1.80% and 1.54%;
2.54% and 2.29%; 6.24% and 1.29%; and 2.35% and 1.29%, respectively. Expenses are based on estimated amounts for the current fiscal
year.
Fund Performance
____________________________________________________________________________________________________________________________________
[LINE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| | Old Mutual Asset Allocation Balanced Portfolio, Class A | Old Mutual Asset Allocation Balanced Portfolio, Class C | Old Mutual Asset Allocation Balanced Portfolio, Institutional Class | S&P 1500 Index | Barclays Capital U.S. Aggregate Index | |
| 9/30/04 | 9,425 | 10,000 | 10,000 | 10,000 | 10,000 | |
| 7/31/05 | 10,445 | 11,031 | 11,115 | 11,359 | 10,255 | |
| 7/31/06 | 11,048 | 11,582 | 11,772 | 11,954 | 10,405 | |
| 7/31/07 | 12,616 | 13,132 | 13,495 | 13,879 | 10,985 | |
| 7/31/08 | 12,037 | 12,431 | 12,893 | 12,420 | 11,661 | |
| 1/31/09 | 9,103 | 9,359 | 9,753 | 8,157 | 12,038 | |
Past performance is not a guarantee of future results. The graph above compares an investment made in the Fund's Class A, C and
Institutional shares on the inception date of 9/30/04 to an investment made in unmanaged securities indexes on that date. The
performance of the Fund's Class A shares shown in the line graph takes into account the maximum initial sales charge. The Fund's
performance in this chart and the performance table assumes reinvestment of dividends and capital gain distributions but does not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.
Sector Weightings as of January 31, 2009 - % of Total Fund Investments
____________________________________________________________________________________________________________________________________
[PIE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| Aggressive Growth | 2.2% | |
| Cash Equivalents | 1.0% | |
| Emerging Market-Equity | 2.7% | |
| Government/Corporate | 38.1% | |
| Growth | 7.0% | |
| Growth-Mid Cap | 1.2% | |
| International Equity | 10.9% | |
| Market Neutral-Equity | 4.6% | |
| Real Estate | 0.8% | |
| Sector Fund-Real Estate | 0.4% | |
| Value | 14.5% | |
| Value-Mid Cap | 10.3% | |
| Value-Small Cap | 6.3% | |
10
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Affiliated Mutual Funds(1)- 99.4% Value-Mid Cap - 10.3%
Aggressive Growth - 2.2% Old Mutual Mid-Cap Fund* 297,212 $ 2,107
Old Mutual Developing Growth Fund* 259,758 $ 2,346 Old Mutual TS&W Mid-Cap Value Fund 1,549,343 9,126
______________ ______________
Total Aggressive Growth 2,346 Total Value-Mid Cap 11,233
_____________________________________________________________________ _____________________________________________________________________
Emerging Market-Equity - 2.7% Value-Small Cap - 6.4%
Old Mutual Clay Finlay Emerging Old Mutual Discover Value Fund 1,310,425 6,906
Markets Fund 417,807 2,979 ______________
______________
Total Value-Small Cap 6,906
Total Emerging Market-Equity 2,979 ______________
_____________________________________________________________________
Total Affiliated Mutual Funds (Cost $161,340) 107,825
Government/Corporate - 38.2% _____________________________________________________________________
Old Mutual Barrow Hanley
Core Bond Fund 2,091,305 20,871 Money Market Fund - 1.0%
Old Mutual Dwight High Yield Fund 633,069 4,944 Dreyfus Cash Management Fund,
Old Mutual Dwight Intermediate Institutional Class, 1.265% (A) 1,096,723 1,097
Fixed Income Fund 1,000,880 9,829 ______________
Old Mutual International Bond Fund 717,093 5,816
______________ Total Money Market Fund (Cost $1,097) 1,097
_____________________________________________________________________
Total Government/Corporate 41,460
_____________________________________________________________________ Total Investments - 100.4% (Cost $162,437) 108,922
_____________________________________________________________________
Growth - 7.0%
Old Mutual Advantage Growth Fund 1,525,565 7,612 Other Assets and Liabilities, Net - (0.4)% (396)
______________ _____________________________________________________________________
Total Growth 7,612 Total Net Assets - 100.0% $ 108,526
_____________________________________________________________________ _____________________________________________________________________
Growth-Mid Cap - 1.2% For descriptions of abbreviations and footnotes, please refer to
Old Mutual Provident Mid-Cap page 20.
Growth Fund* 241,960 1,285
______________
Total Growth-Mid Cap 1,285
_____________________________________________________________________
International Equity - 11.0%
Old Mutual International Equity Fund 1,950,505 11,917
______________
Total International Equity 11,917
_____________________________________________________________________
Market Neutral-Equity - 4.6%
Old Mutual Analytic U.S. Long/Short Fund 617,304 4,963
______________
Total Market Neutral-Equity 4,963
_____________________________________________________________________
Real Estate - 0.8%
Old Mutual Heitman Global
Real Estate Securities Fund* 166,432 894
______________
Total Real Estate 894
_____________________________________________________________________
Sector Fund-Real Estate - 0.4%
Old Mutual Heitman REIT Fund 98,207 434
______________
Total Sector Fund-Real Estate 434
_____________________________________________________________________
Value - 14.6%
Old Mutual Barrow Hanley Value Fund 2,765,747 11,921
Old Mutual Focused Fund 259,741 3,875
______________
Total Value 15,796
_____________________________________________________________________
The accompanying notes are an integral part of the financial statements.
11
OLD MUTUAL ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Ibbotson Associates Advisors, LLC
Performance Highlights
o For the six-month period ended January 31, 2009, Class A shares of the Old Mutual Asset Allocation Moderate Growth Portfolio
(the "Fund") returned (32.66)% at net asset value, while the S&P 1500 Index returned (34.32)% and the Barclays Capital U.S.
Aggregate Index returned 3.23%.
o The Fund's relative performance was hurt this period primarily due to the poor performance of foreign equities. Fund
performance was also hurt by the performance of mid-cap growth equities.
o Old Mutual Barrow Hanley Core Bond Fund was the primary contributor to overall performance this period. Old Mutual
International Bond Fund and Old Mutual Dwight Intermediate Fixed Income Fund were also contributors to overall performance.
o Old Mutual Advantage Growth Fund, Old Mutual International Equity Fund and Old Mutual Discover Value Fund were the greatest
detractors from overall performance this period.
Q. How did the Fund perform relative to its benchmark?
A. For the six-month period ended January 31, 2009, Class A shares of the Old Mutual Asset Allocation Moderate Growth Portfolio
(the "Fund") returned (32.66)% at net asset value, while the S&P 1500 Index returned (34.32)% and the Barclays Capital U.S.
Aggregate Index returned 3.23%. Performance for all share classes can be found on page 14.
Q. What investment environment did the Fund face during the past period?
A. In early December of 2008, the National Bureau of Economic Research declared that the U.S. had entered into a recession in late
2007. The purchasing manager's index, a broad index of change in U.S. manufacturing, dropped to its lowest level since June
1980. Decreasing demand for manufactured goods led to large scale layoffs and U.S. unemployment rose quickly. There were
significant declines in the prices of existing family homes and areas throughout the U.S. reported record numbers of
foreclosures. The U.S. Treasury and the U.S. Federal Reserve Board took drastic action, cutting interest rates, restricting
short sales, providing risk capital and arranging bank mergers or guaranteeing deposits. The U.S. Congress approved a bailout
package for the financial services industry and provided a life line to the failing U.S. auto industry. Americans experienced
losses associated with their home values as well as their retirement savings. Coupling this with a widespread fear of financial
institution failures, lack of consumer credit, extended periods of declining savings rates and the highest unemployment in
years, Ibbotson Associates Advisors, LLC ("Ibbotson"), the Fund's sub-adviser, believes it is unlikely that consumers will help
spend the economy out of recession.
The economic woes of the U.S. spread globally. Demand was down across the globe, manufacturing slowed and unemployment rose.
Many countries cut interest rates, and slowing inflation throughout Europe has led to widespread speculation that the European
Central Bank will move to cut interest rates further. The U.K. and Canada saw rising unemployment numbers, while key interest
rates in the U.K, Canada and Japan were lowered.
The commodity exporting emerging markets that benefited during the first half of 2008 experienced a dramatic reversal of
fortune. As commodity prices slid, so did commodity exporting emerging markets. The economies of countries such as Venezuela
and Argentina, which adopted expansionary fiscal policies, experienced a significant downturn. Ibbotson believes the drop in
fortunes for several commodity exporting emerging markets may be politically destabilizing.
Q. Which market factors influenced the Fund's relative performance?
A. The Fund has an 80% equity and 20% fixed income allocation. The Fund's performance was hurt this period primarily due to the
poor performance of foreign equities. Fund performance was also hurt by the performance of mid-cap growth equities.
Q. How did portfolio composition affect Fund performance?
A. The Fund is a "Fund of Funds," which seeks to achieve its investment objective by investing in a portfolio of underlying equity
and fixed income funds, although a portion of its assets may be invested in cash, cash equivalents, or in money market funds.
Based on the performance of the Fund's underlying mutual fund investments, Old Mutual Barrow Hanley Core Bond Fund was the
primary contributor to overall performance this period. Old Mutual International Bond Fund and Old Mutual Dwight Intermediate
Fixed Income Fund were also contributors to overall performance. Old Mutual Advantage Growth Fund, Old Mutual International
Equity Fund and Old Mutual Discover Value Fund were the greatest detractors from overall performance this period.
Asset Allocation
Moderate Growth Portfolio
12
Top Ten Holdings
as of January 31, 2009
Old Mutual International
Equity Fund 16.7%
___________________________________________________________________________________
Old Mutual Barrow
Hanley Value Fund 12.9%
___________________________________________________________________________________
Old Mutual TS&W
Mid-Cap Value Fund 10.8%
___________________________________________________________________________________
Old Mutual Discover
Value Fund 8.9%
___________________________________________________________________________________
Old Mutual Barrow
Hanley Core Bond Fund 8.9%
___________________________________________________________________________________
Old Mutual Advantage
Growth Fund 8.1%
___________________________________________________________________________________
Old Mutual Analytic
U.S. Long/Short Fund 6.1%
___________________________________________________________________________________
Old Mutual Focused Fund 5.0%
___________________________________________________________________________________
Old Mutual Developing
Growth Fund 4.3%
___________________________________________________________________________________
Old Mutual Dwight
Intermediate Fixed
Income Fund 4.0%
___________________________________________________________________________________
As a % of Total
Fund Investments 85.7%
___________________________________________________________________________________
Q. What is the investment outlook?
A. Ibbotson believes this may be one of the deepest and longest global recessions in recent years, and that, in contrast with many
past recessions, the nature of this recession could have a profound effect on the behavior of the typical investor.
Ibbotson believes layoffs may continue, foreclosures may increase and more businesses may fail. Ibbotson also believes
consumers may dramatically curtail their spending, thus lengthening the recession. Ibbotson believes fear and pessimism may
cause investors to overreact. However, Ibbotson believes that there is cause for optimism. At the current lows, Ibbotson
believes strategic long-term investors may be rewarded, although it expects to see higher than normal volatility, making the
journey painful. Ibbotson believes that the flight to quality that has taken place during the financial crisis has U.S.
Treasury bills and the U.S. dollar overbought. Ibbotson believes that although it may take some time to play out, when the
economy nears the end of this recession, patient investors may see corporate bonds outperform government bonds, high yield
bonds outperform high credit quality bonds, non-U.S. bonds outperform U.S. bonds and equities outperform bonds.
Ibbotson points out that U.S. real estate investment trusts ("REITs") experienced marked volatility in 2008. In contrast with
most other asset classes, REITs had a positive year-to-date return heading into the third quarter. However, in the fourth
quarter, U.S. REITs performed poorly and ended the year with a loss. Ibbotson continues to underweight U.S. REITs due to its
analysis that the current economic environment, high use of leverage, inability to refinance, high borrowing costs, high fixed
costs and falling commercial property prices may hurt REITs relative to general equities.
Ibbotson believes that the flight to quality has had two effects - the U.S. dollar is overvalued relative to most foreign
currencies and the safest, short-term U.S. Treasury bills and bonds are overbought. Given its view that the U.S. dollar is
currently overvalued, Ibbotson's current bias is to overweight non-U.S. equities relative to U.S. equities.
Asset Allocation
Moderate Growth Portfolio
13
OLD MUTUAL ASSET ALLOCATION
MODERATE GROWTH PORTFOLIO - concluded
____________________________________________________________________________________________________________________________________
PERFORMANCE AND PORTFOLIO SUMMARY (UNAUDITED)
Average Annual Total Returns as of January 31, 2009
____________________________________________________________________________________________________________________________________
Annualized
Inception 6 Month 1 Year Inception
Date Return* Return to Date
____________________________________________________________________________________________________________________________________
Class A with front-end load 09/30/04 (36.55)% (38.78)% (4.23)%
Class A without front-end load 09/30/04 (32.66)% (35.06)% (2.92)%
Class C with deferred sales load 09/30/04 (33.56)% (36.20)% (3.64)%
Class C without deferred sales load 09/30/04 (32.96)% (35.61)% (3.64)%
Class Z 12/09/05 (32.64)% (34.96)% (8.36)%
Institutional Class 09/30/04 (32.57)% (34.90)% (2.65)%
S&P 1500 Index 09/30/04 (34.32)% (38.42)% (4.59)%
Barclays Capital U.S. Aggregate Index 09/30/04 3.23% 2.59% 4.37%
____________________________________________________________________________________________________________________________________
Past performance is not a guarantee of future results. The Fund's performance results do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on the redemption of Fund shares. Information about these performance results and
the comparative indexes can be found on pages 1 and 2.
*Not Annualized
Class A shares have a current maximum initial sales charge of 5.75%; Class C shares may be subject to a contingent deferred sales
charge ("CDSC") of 1.00%, if redeemed within twelve months of the date of purchase; and Class A share purchases of $1 million or
more, which were purchased without an initial sales charge, may be subject to a CDSC of 1.00%, if redeemed within twelve months of
the date of purchase. Please read the prospectus carefully for more information on sales charges. The total annual operating
expenses and net annual operating expenses you may pay as an investor in the Fund's Class A, Class C, Class Z and Institutional
Class shares (as reported in the supplement dated January 2, 2009 to the prospectus dated November 19, 2008) are 2.03% and 1.53%;
2.63% and 2.28%; 5.17% and 1.28%; and 1.78% and 1.28%, respectively. Expenses are based on estimated amounts for the current fiscal
year.
Fund Performance
____________________________________________________________________________________________________________________________________
[LINE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| | Old Mutual Asset Allocation Moderate Growth Portfolio, Class A | Old Mutual Asset Allocation Moderate Growth Portfolio, Class C | Old Mutual Asset Allocation Moderate Growth Portfolio, Institutional Class | S&P 1500 Index | Barclays Capital U.S. Aggregate Index | |
| 9/30/04 | 9,425 | 10,000 | 10,000 | 10,000 | 10,000 | |
| 7/31/05 | 10,661 | 11,244 | 11,343 | 11,359 | 10,255 | |
| 7/31/06 | 11,469 | 12,009 | 12,235 | 11,954 | 10,405 | |
| 7/31/07 | 13,361 | 13,886 | 14,283 | 13,879 | 10,985 | |
| 7/31/08 | 12,311 | 12,699 | 13,199 | 12,420 | 11,661 | |
| 1/31/09 | 8,290 | 8,514 | 8,900 | 8,157 | 12,038 | |
Past performance is not a guarantee of future results. The graph above compares an investment made in the Fund's Class A, C and
Institutional shares on the inception date of 9/30/04 to an investment made in unmanaged securities indexes on that date. The
performance of the Fund's Class A shares shown in the line graph takes into account the maximum initial sales charge. The Fund's
performance in this chart and the performance table assumes reinvestment of dividends and capital gain distributions but does not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.
Sector Weightings as of January 31, 2009 - % of Total Fund Investments
____________________________________________________________________________________________________________________________________
[PIE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| Aggressive Growth | 4.3% | |
| Cash Equivalents | 1.0% | |
| Emerging Market-Equity | 3.3% | |
| Government/Corporate | 16.1% | |
| Growth | 8.1% | |
| Growth-Large Cap | 0.7% | |
| Growth-Mid Cap | 0.8% | |
| International Equity | 16.7% | |
| Market Neutral-Equity | 6.1% | |
| Real Estate | 2.0% | |
| Sector Fund-Real Estate | 0.9% | |
| Value | 17.9% | |
| Value-Mid Cap | 13.2% | |
| Value-Small Cap | 8.9% | |
14
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Affiliated Mutual Funds(1)- 99.4% Value - 17.9%
Aggressive Growth - 4.3% Old Mutual Barrow Hanley
Old Mutual Developing Growth Fund* 556,159 $ 5,022 Value Fund 3,521,898 $ 15,179
______________ Old Mutual Focused Fund 389,909 5,818
______________
Total Aggressive Growth 5,022
_____________________________________________________________________ Total Value 20,997
_____________________________________________________________________
Emerging Market-Equity - 3.3%
Old Mutual Clay Finlay Emerging Value-Mid Cap - 13.3%
Markets Fund 539,590 3,847 Old Mutual Mid-Cap Fund* 409,760 2,905
______________ Old Mutual TS&W Mid-Cap
Value Fund 2,147,573 12,649
Total Emerging Market-Equity 3,847 ______________
_____________________________________________________________________
Total Value-Mid Cap 15,554
Government/Corporate - 16.2% _____________________________________________________________________
Old Mutual Barrow Hanley Core
Bond Fund 1,048,135 10,460 Value-Small Cap - - 8.9%
Old Mutual Dwight Intermediate Old Mutual Discover Value Fund 1,991,158 10,493
Fixed Income Fund 481,746 4,731 ______________
Old Mutual International Bond Fund 465,134 3,772
______________ Total Value-Small Cap 10,493
______________
Total Government/Corporate 18,963
_____________________________________________________________________ Total Affiliated Mutual Funds (Cost $199,176) 116,387
_____________________________________________________________________
Growth - 8.2%
Old Mutual Advantage Growth Fund 1,919,131 9,577 Money Market Fund - 1.0%
______________ Dreyfus Cash Management Fund,
Institutional Class, 1.265% (A) 1,135,057 1,135
Total Growth 9,577 ______________
_____________________________________________________________________
Total Money Market Fund (Cost $1,135) 1,135
Growth-Large Cap - 0.7% _____________________________________________________________________
Old Mutual Large Cap Growth Fund* 71,694 792
______________ Total Investments - 100.4% (Cost $200,311) 117,522
_____________________________________________________________________
Total Growth-Large Cap 792
_____________________________________________________________________ Other Assets and Liabilities, Net - (0.4)% (400)
_____________________________________________________________________
Growth-Mid Cap - 0.8%
Old Mutual Provident Mid-Cap Total Net Assets - 100.0% $ 117,122
Growth Fund* 186,518 991 _____________________________________________________________________
______________
For descriptions of abbreviations and footnotes, please refer to
Total Growth-Mid Cap 991 page 20.
_____________________________________________________________________
International Equity - 16.8%
Old Mutual International Equity Fund 3,216,014 19,650
______________
Total International Equity 19,650
_____________________________________________________________________
Market Neutral-Equity - 6.1%
Old Mutual Analytic
U.S. Long/Short Fund 885,659 7,121
______________
Total Market Neutral-Equity 7,121
_____________________________________________________________________
Real Estate - 2.0%
Old Mutual Heitman Global
Real Estate Securities Fund* 432,442 2,322
______________
Total Real Estate 2,322
_____________________________________________________________________
Sector Fund-Real Estate - 0.9%
Old Mutual Heitman REIT Fund 239,330 1,058
______________
Total Sector Fund-Real Estate 1,058
_____________________________________________________________________
The accompanying notes are an integral part of the financial statements.
15
OLD MUTUAL ASSET ALLOCATION GROWTH PORTFOLIO
________________________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Ibbotson Associates Advisors, LLC
Performance Highlights
o For the six-month period ended January 31, 2009, the Old Mutual Asset Allocation Growth Portfolio (the "Fund") underperformed
its benchmark, the S&P 1500 Index. The Fund's Class A shares posted a (39.35)% return at net asset value versus a (34.32)%
return for the benchmark.
o The Fund's relative performance was hurt this period primarily due to the performance of foreign equities and U.S. real estate
investment trusts.
o None of the underlying mutual fund investments contributed positively to overall performance this period.
o Old Mutual Advantage Growth Fund, Old Mutual International Equity Fund and Old Mutual Discover Value Fund were the greatest
detractors from overall performance this period.
Q. How did the Fund perform relative to its benchmark?
A. For the six-month period ended January 31, 2009, the Old Mutual Asset Allocation Growth Portfolio (the "Fund") underperformed
its benchmark, the S&P 1500 Index. The Fund's Class A shares posted a (39.35)% return at net asset value versus a (34.32)%
return for the benchmark. Performance for all share classes can be found on page 18.
Q. What investment environment did the Fund face during the past period?
A. In early December of 2008, the National Bureau of Economic Research declared that the U.S. had entered into a recession in late
2007. The purchasing manager's index, a broad index of change in U.S. manufacturing, dropped to its lowest level since June
1980. Decreasing demand for manufactured goods led to large scale layoffs and U.S. unemployment rose quickly. There were
significant declines in the prices of existing family homes and areas throughout the U.S. reported record numbers of
foreclosures. The U.S. Treasury and the U.S. Federal Reserve Board took drastic action, cutting interest rates, restricting
short sales, providing risk capital and arranging bank mergers or guaranteeing deposits. The U.S. Congress approved a bailout
package for the financial services industry and provided a life line to the failing U.S. auto industry. Americans experienced
losses associated with their home values as well as their retirement savings. Coupling this with a widespread fear of financial
institution failures, lack of consumer credit, extended periods of declining savings rates and the highest unemployment in
years, Ibbotson Associates Advisors, LLC ("Ibbotson"), the Fund's sub-adviser, believes it is unlikely that consumers will help
spend the economy out of recession.
The economic woes of the U.S. spread globally. Demand was down across the globe, manufacturing slowed and unemployment rose.
Many countries cut interest rates, and slowing inflation throughout Europe has led to widespread speculation that the European
Central Bank will move to cut interest rates further. The U.K. and Canada saw rising unemployment numbers, while key interest
rates in the U.K, Canada and Japan were lowered.
The commodity exporting emerging markets that benefited during the first half of 2008 experienced a dramatic reversal of
fortune. As commodity prices slid, so did commodity exporting emerging markets. The economies of countries such as Venezuela
and Argentina, which adopted expansionary fiscal policies, experienced a significant downturn. Ibbotson believes the drop in
fortunes for several commodity exporting emerging markets may be politically destabilizing.
Q. Which market factors influenced the Fund's relative performance?
A. The fund has an all equity allocation. The Fund's performance was hurt this period primarily due to the performance of foreign
equities and U.S. real estate investment trusts ("REITs").
Q. How did portfolio composition affect Fund performance?
A. The Fund is a "Fund of Funds," which seeks to achieve its investment objective by investing in a portfolio of underlying equity
and fixed income funds, although a portion of its assets may be invested in cash, cash equivalents, or in money market funds.
Based on the performance of the Fund's underlying mutual fund investments, Old Mutual Advantage Growth Fund, Old Mutual
International Equity Fund and Old Mutual Discover Value Fund were the greatest detractors from overall performance this period.
None of the underlying mutual fund investments contributed positively to overall performance this period.
Asset Allocation Growth Portfolio
16
Top Ten Holdings
as of January 31, 2009
Old Mutual International
Equity Fund 21.4%
___________________________________________________________________________________
Old Mutual Barrow
Hanley Value Fund 16.4%
___________________________________________________________________________________
Old Mutual Advantage
Growth Fund 13.0%
___________________________________________________________________________________
Old Mutual TS&W
Mid-Cap Value Fund 10.7%
___________________________________________________________________________________
Old Mutual Discover
Value Fund 8.5%
___________________________________________________________________________________
Old Mutual Focused Fund 7.0%
___________________________________________________________________________________
Old Mutual Analytic
U.S. Long/Short Fund 6.9%
___________________________________________________________________________________
Old Mutual Developing
Growth Fund 5.5%
___________________________________________________________________________________
Old Mutual Heitman Global
Real Estate Securities Fund 3.8%
___________________________________________________________________________________
Old Mutual Clay Finlay
Emerging Markets Fund 3.1%
___________________________________________________________________________________
As a % of Total
Fund Investments 96.3%
___________________________________________________________________________________
Q. What is the investment outlook?
A. Ibbotson believes this may be one of the deepest and longest global recessions in recent years, and that, in contrast with many
past recessions, the nature of this recession could have a profound effect on the behavior of the typical investor. Ibbotson
believes layoffs may continue, foreclosures may increase and more businesses may fail. Ibbotson also believes consumers may
dramatically curtail their spending, thus lengthening the recession. Ibbotson believes fear and pessimism may cause investors
to overreact. However, Ibbotson believes that there is cause for optimism. At the current lows, Ibbotson believes strategic
long-term investors may be rewarded, although it expects to see higher than normal volatility, making the journey painful.
Ibbotson believes that the flight to quality that has taken place during the financial crisis has U.S. Treasury bills and the
U.S. dollar overbought. Ibbotson believes that although it may take some time to play out, when the economy nears the end of
this recession, patient investors may see corporate bonds outperform government bonds, high yield bonds outperform high credit
quality bonds, non-U.S. bonds outperform U.S. bonds and equities outperform bonds.
Ibbotson points out that U.S. REITs experienced marked volatility in 2008. In contrast with most other asset classes, REITs had
a positive year-to-date return heading into the third quarter. However, in the fourth quarter, U.S. REITs performed poorly and
ended the year with a loss. Ibbotson continues to underweight U.S. REITs due to its analysis that the current economic
environment, high use of leverage, inability to refinance, high borrowing costs, high fixed costs and falling commercial
property prices may hurt REITs relative to general equities.
Ibbotson believes that the flight to quality has had two effects - the U.S. dollar is overvalued relative to most foreign
currencies and the safest, short-term U.S. Treasury bills and bonds are overbought. Given its view that the U.S. dollar is
currently overvalued, Ibbotson's current bias is to overweight non-U.S. equities relative to U.S. equities.
Asset Allocation Growth Portfolio
17
OLD MUTUAL ASSET ALLOCATION GROWTH PORTFOLIO - concluded
____________________________________________________________________________________________________________________________________
PERFORMANCE AND PORTFOLIO SUMMARY (UNAUDITED)
Average Annual Total Returns as of January 31, 2009
____________________________________________________________________________________________________________________________________
Annualized
Inception 6 Month 1 Year Inception
Date Return* Return to Date
____________________________________________________________________________________________________________________________________
Class A with front-end load 09/30/04 (42.83)% (45.29)% (5.81)%
Class A without front-end load 09/30/04 (39.35)% (41.94)% (4.52)%
Class C with deferred sales load 09/30/04 (40.15)% (42.93)% (5.23)%
Class C without deferred sales load 09/30/04 (39.60)% (42.40)% (5.23)%
Class Z 12/09/05 (39.29)% (41.82)% (11.74)%
Institutional Class 09/30/04 (39.25)% (41.82)% (4.29)%
S&P 1500 Index 09/30/04 (34.32)% (38.42)% (4.59)%
____________________________________________________________________________________________________________________________________
Past performance is not a guarantee of future results. The Fund's performance results do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on the redemption of Fund shares. Information about these performance results and the
comparative index can be found on pages 1 and 2.
* Not Annualized
Class A shares have a current maximum initial sales charge of 5.75%; Class C shares may be subject to a contingent deferred sales
charge ("CDSC") of 1.00%, if redeemed within twelve months of the date of purchase; and Class A share purchases of $1 million or
more, which were purchased without an initial sales charge, may be subject to a CDSC of 1.00%, if redeemed within twelve months of
the date of purchase. Please read the prospectus carefully for more information on sales charges. The total annual operating
expenses and net annual operating expenses you may pay as an investor in the Fund's Class A, Class C, Class Z and Institutional
Class shares (as reported in the supplement dated January 2, 2009 to the prospectus dated November 19, 2008) are 2.05% and 1.60%;
2.82% and 2.35%; 6.99% and 1.35%; and 1.67% and 1.35%, respectively. Expense are based on estimated amounts for the current fiscal
year.
Fund Performance
____________________________________________________________________________________________________________________________________
[LINE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| | Old Mutual Asset Allocation Growth Portfolio, Class A | Old Mutual Asset Allocation Growth Portfolio, Class C | Old Mutual Asset Allocation Growth Portfolio, Institutional Class | S&P 1500 Index | |
| 9/30/04 | 9,425 | 10,000 | 10,000 | 10,000 | |
| 7/31/05 | 11,019 | 11,615 | 11,713 | 11,359 | |
| 7/31/06 | 12,094 | 12,657 | 12,894 | 11,954 | |
| 7/31/07 | 14,362 | 14,917 | 15,344 | 13,879 | |
| 7/31/08 | 12,718 | 13,115 | 13,607 | 12,420 | |
| 1/31/09 | 7,713 | 7,921 | 8,267 | 8,157 | |
Past performance is not a guarantee of future results. The graph above compares an investment made in the Fund's Class A, C and
Institutional shares on the inception date of 9/30/04 to an investment made in an unmanaged securities index on that date. The
performance of the Fund's Class A shares shown in the line graph takes into account the maximum initial sales charge. The Fund's
performance in this chart and the performance table assumes reinvestment of dividends and capital gain distributions but does not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.
Sector Weightings as of January 31, 2009 - % of Total Fund Investments
____________________________________________________________________________________________________________________________________
[PIE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| Aggressive Growth | 5.5% | |
| Cash Equivalents | 0.9% | |
| Emerging Market-Equity | 3.1% | |
| Growth | 13.0% | |
| Growth-Mid Cap | 0.3% | |
| International Equity | 21.4% | |
| Market Neutral-Equity | 6.9% | |
| Real Estate | 3.8% | |
| Sector Fund-Real Estate | 1.9% | |
| Value | 23.3% | |
| Value-Mid Cap | 11.4% | |
| Value-Small Cap | 8.5% | |
18
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Affiliated Mutual Funds(1)- 99.4% Value-Small Cap - 8.5%
Aggressive Growth - 5.5% Old Mutual Discover Value Fund 1,219,565 $ 6,427
Old Mutual Developing Growth Fund* 464,152 $ 4,191 ______________
______________
Total Value-Small Cap 6,427
Total Aggressive Growth 4,191 ______________
_____________________________________________________________________
Total Affiliated Mutual Funds (Cost $143,139) 75,332
Emerging Market-Equity - 3.1% _____________________________________________________________________
Old Mutual Clay Finlay Emerging
Markets Fund 328,524 2,342 Money Market Fund - - 0.9%
______________ Dreyfus Cash Management Fund,
Institutional Class, 1.265% (A) 702,659 703
Total Emerging Market-Equity 2,342 ______________
_____________________________________________________________________
Total Money Market Fund (Cost $703) 703
Growth - 13.1% _____________________________________________________________________
Old Mutual Advantage Growth Fund 1,984,906 9,905
______________ Total Investments - 100.3% (Cost $143,842) 76,035
_____________________________________________________________________
Total Growth 9,905
_____________________________________________________________________ Other Assets and Liabilities, Net - (0.3)% (230)
_____________________________________________________________________
Growth-Mid Cap - 0.3%
Old Mutual Provident Mid-Cap Total Net Assets - 100.0% $ 75,805
Growth Fund* 48,529 258 _____________________________________________________________________
______________
For descriptions of abbreviations and footnotes, please refer to
Total Growth-Mid Cap 258 page 20.
_____________________________________________________________________
International Equity - 21.4%
Old Mutual International Equity Fund 2,658,548 16,244
______________
Total International Equity 16,244
_____________________________________________________________________
Market Neutral-Equity - 6.9%
Old Mutual Analytic U.S.
Long/Short Fund 652,020 5,242
______________
Total Market Neutral-Equity 5,242
_____________________________________________________________________
Real Estate - 3.9%
Old Mutual Heitman Global
Real Estate Securities Fund* 543,367 2,918
______________
Total Real Estate 2,918
_____________________________________________________________________
Sector Fund-Real Estate - 1.9%
Old Mutual Heitman REIT Fund 322,427 1,425
______________
Total Sector Fund-Real Estate 1,425
_____________________________________________________________________
Value - 23.4%
Old Mutual Barrow Hanley Value Fund 2,887,833 12,446
Old Mutual Focused Fund 354,578 5,290
______________
Total Value 17,736
_____________________________________________________________________
Value-Mid Cap - 11.4%
Old Mutual Mid-Cap Fund* 71,460 507
Old Mutual TS&W
Mid-Cap Value Fund 1,381,437 8,137
______________
Total Value-Mid Cap 8,644
_____________________________________________________________________
The accompanying notes are an integral part of the financial statements.
19
NOTES TO SCHEDULE OF INVESTMENTS
____________________________________________________________________________________________________________________________________
* Non-income producing security.
(1) - Investments are funds within the Old Mutual family of funds and they may be deemed to be under common control because they may
share the same Board of Trustees. Old Mutual Capital, Inc. serves as the investment adviser to all affiliated mutual funds.
(A) - The rate reported represents the 7-day effective yield as of January 31, 2009.
Cost figures are shown with "000's" omitted.
Other Information:
The Funds utilize various inputs in determining the value of their investments as of the reporting period end. These inputs are
summarized in three broad levels as follows:
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's own assumption in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in
those securities. A summary of the inputs used as of January 31, 2009 in valuing the Fund's net assets were as follows (000):
Description Level 1 Level 2 Level 3 Total
____________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio
Investments $ 42,540 $ - $ - $ 42,540
Old Mutual Asset Allocation Balanced Portfolio
Investments 108,922 - - 108,922
Old Mutual Asset Allocation Moderate Growth Portfolio
Investments 117,522 - - 117,522
Old Mutual Asset Allocation Growth Portfolio
Investments 76,035 - - 76,035
____________________________________________________________________________________________________________________________________
Refer to the "Security Valuation" section of Note 2 for further information.
20
STATEMENTS OF ASSETS & LIABILITIES (000, excluding shares)
AS OF JANUARY 31, 2009 (UNAUDITED)
________________________________________________________________________________________________________________________________________________
Old Mutual Old Mutual Old Mutual Old Mutual
Asset Allocation Asset Allocation Asset Allocation Asset Allocation
Conservative Balanced Moderate Growth Growth
Portfolio Portfolio Portfolio Portfolio
________________________________________________________________________________________________________________________________________________
Assets:
Investment in Affiliated Funds, at cost $ 51,575 $ 161,340 $ 199,176 $ 143,139
Investment in Unaffiliated Funds, at cost 423 1,097 1,135 703
________________________________________________________________________________________________________________________________________________
Investment Affiliated Funds, at value $ 42,117 $ 107,825 $ 116,387 $ 75,332
Investment Unaffiliated Funds, at value 423 1,097 1,135 703
Receivable for Capital Shares Sold 96 135 316 161
Receivable from Investment Adviser 21 20 56 49
Receivable for Dividends from Affiliated Funds 136 192 71 -
Receivable for Dividends from Unaffiliated Funds - 1 1 1
Other Assets 2 7 9 6
________________________________________________________________________________________________________________________________________________
Total Assets 42,795 109,277 117,975 76,252
________________________________________________________________________________________________________________________________________________
Liabilities:
Payable for Investment Securities Purchased 136 192 71 -
Payable for Capital Shares Redeemed 156 277 473 172
Payable for Administration Fees 3 7 8 5
Payable for Distribution & Service Fees 8 23 29 16
Payable for Management Fees 8 27 37 26
Payable for Trustees' Fees 1 1 5 5
Accrued Expenses 115 224 230 223
________________________________________________________________________________________________________________________________________________
Total Liabilities 427 751 853 447
________________________________________________________________________________________________________________________________________________
Net Assets $ 42,368 $ 108,526 $ 117,122 $ 75,805
________________________________________________________________________________________________________________________________________________
Net Assets:
Paid-in Capital ($0.001 par value, unlimited authorization) $ 51,742 $ 160,849 $ 201,623 $ 148,527
Undistributed Net Investment Income/(Accumulated Net
Investment Loss) (239) (432) (111) 479
Accumulated Net Realized Gain (Loss) on Investments 323 1,624 (1,601) (5,394)
Net Unrealized Depreciation on Investments (9,458) (53,515) (82,789) (67,807)
________________________________________________________________________________________________________________________________________________
Net Assets $ 42,368 $ 108,526 $ 117,122 $ 75,805
________________________________________________________________________________________________________________________________________________
Net Assets - Class A $ 11,945 $ 28,565 $ 25,224 $ 19,161
Net Assets - Class C 28,663 75,656 86,760 43,097
Net Assets - Class Z 183 617 408 481
Net Assets - Institutional Class 1,577 3,688 4,730 13,066
________________________________________________________________________________________________________________________________________________
Outstanding Shares of Beneficial Interest - Class A 1,353,415 3,654,366 3,495,329 2,787,933
Outstanding Shares of Beneficial Interest - Class C 3,261,305 9,695,673 12,256,143 6,516,107
Outstanding Shares of Beneficial Interest - Class Z 20,768 78,829 56,028 69,252
Outstanding Shares of Beneficial Interest - Institutional Class 178,583 472,556 651,087 1,879,400
________________________________________________________________________________________________________________________________________________
Net Asset Value and Redemption Price Per Share - Class A^ $ 8.83 $ 7.82 $ 7.22 $ 6.87
________________________________________________________________________________________________________________________________________________
Maximum Offering Price Per Share Class A (Net Asset Value/94.25%) $ 9.37 $ 8.30 $ 7.66 $ 7.29
________________________________________________________________________________________________________________________________________________
Net Asset Value, Offering and Redemption Price Per Share - Class C^+ $ 8.79 $ 7.80 $ 7.08 $ 6.61
________________________________________________________________________________________________________________________________________________
Net Asset Value, Offering and Redemption Price Per Share - Class Z^ $ 8.83 $ 7.83 $ 7.27 $ 6.95
________________________________________________________________________________________________________________________________________________
Net Asset Value, Offering and Redemption Price Per Share -
Institutional Class^ $ 8.83 $ 7.80 $ 7.27 $ 6.95
________________________________________________________________________________________________________________________________________________
(+) Class C shares have a contingent deferred sales charge. For a description of a possible sales charge, please see the Fund's Prospectus.
(^) Net Assets divided by shares may not calculate to the stated NAV because these amounts are shown rounded.
Amounts designated as "-" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
21
STATEMENTS OF OPERATIONS (000)
FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2009 (UNAUDITED)
________________________________________________________________________________________________________________________________________________
Old Mutual Old Mutual Old Mutual Old Mutual
Asset Allocation Asset Allocation Asset Allocation Asset Allocation
Conservative Balanced Moderate Growth Growth
Portfolio Portfolio Portfolio Portfolio
________________________________________________________________________________________________________________________________________________
Investment Income:
Dividends from Affiliated Funds $ 1,714 $ 3,197 $ 2,473 $ 982
Dividends 5 12 13 9
________________________________________________________________________________________________________________________________________________
Total Investment Income 1,719 3,209 2,486 991
________________________________________________________________________________________________________________________________________________
Expenses:
Management Fees 48 137 199 134
Administration Fees 24 68 80 54
Trustees' Fees 5 16 22 16
Custodian Fees (9) (16) (9) (23)
Professional Fees 23 54 61 44
Registration and SEC Fees 99 103 97 104
Printing Fees 5 21 37 27
Transfer Agent Fees 31 81 148 123
Distribution and Service Fees:
Class A 17 46 46 36
Class C 155 475 577 299
Other Expenses (1) (12) 8 6
________________________________________________________________________________________________________________________________________________
Total Expenses 397 973 1,266 820
________________________________________________________________________________________________________________________________________________
Less:
Net Waiver of Management Fees (48) (137) (199) (134)
Reimbursement of Other Expenses by Investment Adviser (70) (40) (189) (183)
Expense Reduction(1) - (1) (1) (1)
________________________________________________________________________________________________________________________________________________
Net Expenses 279 795 877 502
________________________________________________________________________________________________________________________________________________
Net Investment Income 1,440 2,414 1,609 489
________________________________________________________________________________________________________________________________________________
Net Realized Loss from Affiliated Funds(2) (1,973) (8,366) (18,267) (15,610)
Net Capital Gain Distributions Received from Affiliated Funds(2) 641 1,588 1,321 792
Net Change in Unrealized Depreciation on Investments (6,764) (36,589) (51,977) (42,101)
________________________________________________________________________________________________________________________________________________
Net Realized and Unrealized Loss on Investments (8,096) (43,367) (68,923) (56,919)
________________________________________________________________________________________________________________________________________________
Decrease in Net Assets Resulting from Operations $(6,656) $(40,953) $(67,314) $(56,430)
________________________________________________________________________________________________________________________________________________
(1) All expense reductions are for transfer agent expenses. See Note 2.
(2) See Note 7 for total net realized gain (loss) on investments in Affiliated Funds.
Amounts designated as "-" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
22
STATEMENTS OF CHANGES IN NET ASSETS (000)
_________________________________________________________________________________________________________________________________________________________________________
Old Mutual Old Mutual Old Mutual Old Mutual
Asset Allocation Asset Allocation Asset Allocation Asset Allocation
Conservative Balanced Moderate Growth Growth
Portfolio Portfolio Portfolio Portfolio
_________________________________________________________________________________________________________________________________________________________________________
8/1/08 to 8/1/07 to 8/1/08 to 8/1/07 to 8/1/08 to 8/1/07 to 8/1/08 to 8/1/07 to
1/31/09 7/31/08 1/31/09 7/31/08 1/31/09 7/31/08 1/31/09 7/31/08
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
_________________________________________________________________________________________________________________________________________________________________________
Investment Activities:
Net Investment Income $ 1,440 $ 1,139 $ 2,414 $ 2,113 $ 1,609 $ 485 $ 489 $ 138
Net Realized Gain (Loss) from Investments
and Foreign Currency Transactions (1,332) 3,198 (6,778) 18,057 (16,946) 31,241 (14,818) 21,389
Net Increase from Payment by Affiliates(1) - - - 3 - 6 - 5
Net Change in Unrealized Depreciation on Investments,
Forward Foreign Currency Contracts
and Foreign Currency Transactions (6,764) (4,744) (36,589) (28,992) (51,977) (52,033) (42,101) (42,639)
_________________________________________________________________________________________________________________________________________________________________________
Net Decrease in Net Assets Resulting from Operations (6,656) (407) (40,953) (8,819) (67,314) (20,301) (56,430) (21,107)
_________________________________________________________________________________________________________________________________________________________________________
Dividends and Distributions to Shareholders From:
Net Investment Income:
Class A (591) (387) (1,012) (1,092) (587) (692) - (823)
Class C (1,092) (751) (1,656) (2,322) (967) (2,629) - (1,844)
Class Z (9) (17) (23) (14) (11) (6) - (10)
Institutional Class (83) (179) (141) (135) (147) (77) - (259)
Net Realized Gains from Investment Transactions:
Class A (295) (307) (1,669) (2,504) (2,257) (2,936) (1,804) (2,674)
Class C (664) (653) (4,327) (5,850) (7,891) (8,937) (4,015) (4,960)
Class Z (4) (14) (33) (32) (34) (27) (41) (33)
Institutional Class (46) (137) (205) (71) (475) (351) (1,203) (897)
_________________________________________________________________________________________________________________________________________________________________________
Total Dividends and Distributions (2,784) (2,445) (9,066) (12,020) (12,369) (15,655) (7,063) (11,500)
_________________________________________________________________________________________________________________________________________________________________________
Capital Share Transactions:
Class A
Shares Issued 3,783 8,004 7,093 14,930 2,597 16,345 2,235 15,128
Shares Issued upon Reinvestment of Distributions 661 566 2,157 2,851 2,279 2,736 1,341 2,429
Redemption Fees - - 2 - - - - ; -
Shares Redeemed (5,658) (4,552) (12,128) (18,149) (14,014) (16,989) (10,429) (20,216)
_________________________________________________________________________________________________________________________________________________________________________
Total Class A Capital Share Transactions (1,214) 4,018 (2,876) (368) (9,138) 2,092 (6,853) (2,659)
_________________________________________________________________________________________________________________________________________________________________________
Class C
Shares Issued 7,441 19,126 8,974 48,350 10,557 54,274 5,412 26,517
Shares Issued upon Reinvestment of Distributions 905 719 3,168 4,333 4,804 5,832 2,553 4,253
Redemption Fees - - 3 1 - - - ; -
Shares Redeemed (7,773) (9,650) (22,005) (26,943) (25,298) (40,683) (12,390) (24,936)
_________________________________________________________________________________________________________________________________________________________________________
Total Class C Capital Share Transactions 573 10,195 (9,860) 25,741 (9,937) 19,423 (4,425) 5,834
_________________________________________________________________________________________________________________________________________________________________________
Class Z
Shares Issued 25 335 129 255 4 120 41 209
Shares Issued upon Reinvestment of Distributions 13 31 55 46 45 33 41 43
Shares Redeemed (441) (213) (51) (76) (1) (5) (4) (15)
_________________________________________________________________________________________________________________________________________________________________________
Total Class Z Capital Share Transactions (403) 153 133 225 48 148 78 237
_________________________________________________________________________________________________________________________________________________________________________
Institutional Class
Shares Issued �� 1,047 1,171 89 5,411 610 3,472 935 12,686
Shares Issued upon Reinvestment of Distributions 129 316 346 206 622 427 1,203 1,155
Shares Redeemed (5,880) (76) (1,259) (13,628) (1,971) (7,538) (3,155) (11,266)
_________________________________________________________________________________________________________________________________________________________________________
Total Institutional Class Capital Share Transactions (4,704) 1,411 (824) (8,011) (739) (3,639) (1,017) 2,575
_________________________________________________________________________________________________________________________________________________________________________
Increase (Decrease) in Net Assets Derived from Capital
Shares Transactions (5,748) 15,777 (13,427) 17,587 (19,766) 18,024 (12,217) 5,987
_________________________________________________________________________________________________________________________________________________________________________
Total Increase (Decrease) in Net Assets (15,188) 12,925 (63,446) (3,252) (99,449) (17,932) (75,710) (26,620)
_________________________________________________________________________________________________________________________________________________________________________
Net Assets:
Beginning of Period 57,556 44,631 171,972 175,224 216,571 234,503 151,515 178,135
_________________________________________________________________________________________________________________________________________________________________________
End of Period $ 42,368 $57,556 $108,526 $171,972 $117,122 $216,571 $ 75,805 $151,515
_________________________________________________________________________________________________________________________________________________________________________
Undistributed Net Investment Income/(Accumulated
Net Investment Loss) $ (239) $ 96 $ (432) $ (14) $ (111) $ (8) $ 479 $ (10)
_________________________________________________________________________________________________________________________________________________________________________
(1) See Note 2.
Amounts designated as "-" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
23
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD ENDED JULY 31, (UNLESS OTHERWISE NOTED) AND FOR THE SIX-MONTH PERIOD ENDED
JANUARY 31, 2009 (UNAUDITED)
60; Ratio of
60; Expenses to
Realized & #160; Average Net Ratio of Net
Net and Net Assets Investment
Asset Net Unrealized Dividends Distributions Total Asset Net Ratio (Excluding Income
Value Investment Gains Total from Net from Dividends Value Assets of Expenses Waivers and (Loss) Portfolio
Beginning Income (Losses) on Redemption from Investment Capital and End Total End to Average Expense to Average Turnover
of Period (Loss)* Securities* Fees Operations Income Gains Distributions of Period Return† of Period Net Assets††,(1) Reductions)††,(1) Net Assets†† Rate†
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________
OLD MUTUAL ASSET ALLOCATION CONSERVATIVE PORTFOLIO
Class A
2009 $10.76 $0.32 $(1.60) $- $(1.28) $(0.43) $(0.22) $(0.65) $ 8.83 (12.03)% $ 11,945 0.70% 1.18% 6.66% 15.83%
2008 11.30 0.29 (0.25) - 0.04 (0.31) (0.27) (0.58) 10.76 0.24% 15,858 0.93% 1.31% 2.62% &# 160; 49.27%
2007 10.64 0.30 0.69 - 0.99 (0.28) (0.05) (0.33) 11.30 9.40% 12,605 1.50% 1.94% 2.7 3% 130.47%
2006 10.53 0.26 0.10 - 0.36 (0.20) (0.05) (0.25) 10.64 3.39% 8,588 1.50% 2.35% 0;2.46% 146.84%
2005** 10.00 0.16 0.47 - 0.63 (0.10) - (0.10) 10.53 6.36% 6,684 1.50% 4.68% & #160; 1.87% 170.31%
Class C
2009 $10.66 $0.28 $(1.59) $- $(1.31) $(0.34) $(0.22) $(0.56) $ 8.79 (12.41)% $ 28,663 1.45% 1.68% 5.81% 15.83%
2008 11.25 0.21 (0.25) - (0.04) (0.28) (0.27) (0.55) 10.66 (0.47)% 34,242 1.67% 1.95% 1.86% 0; 49.27%
2007 10.60 0.22 0.68 - 0.90 (0.20) (0.05) (0.25) 11.25 8.57% 25,812 2.25% 2.57% 1.9 8% 130.47%
2006 10.50 0.18 0.10 - 0.28 (0.13) (0.05) (0.18) 10.60 2.63% 18,253 2.25% 2.75% 1.7 4% 146.84%
2005** 10.00 0.10 0.47 - 0.57 (0.07) - (0.07) 10.50 5.75% 7,914 2.25% 4.92% & #160; 1.15% 170.31%
Class Z
2009 $10.78 $0.26 $(1.53) $- $(1.27) $(0.46) $(0.22) $(0.68) $ 8.83 (11.98)% $ 183 0.45% 15.33% 5.16% 15.83%
2008 11.30 0.32 (0.25) - 0.07 (0.32) (0.27) (0.59) 10.78 0.54% 640 0.67% 4.34% 0;2.86% 49.27%
2007 10.65 0.34 0.67 - 1.01 (0.31) (0.05) (0.36) 11.30 9.55% 514 1.25% 11.45% ; 3.01% 130.47%
2006*** 10.60 0.19 0.09 - 0.28 (0.18) (0.05) (0.23) 10.65 2.63% 1 1.25% 757.79% 2.8 0% 146.84%
Institutional Class
2009 $10.79 $0.27 $(1.56) $- $(1.29) $(0.45) $(0.22) $(0.67) $ 8.83 (12.08)% $ 1,577 0.45% 2.11% 5.30% 15.83%
2008 11.32 0.32 (0.26) - 0.06 (0.32) (0.27) (0.59) 10.79 0.41% 6,816 0.69% 1.05% 2.87% 60; 49.27%
2007 10.65 0.33 0.70 - 1.03 (0.31) (0.05) (0.36) 11.32 9.74% 5,700 1.25% 1.60% 0;2.98% 130.47%
2006 10.54 0.29 0.10 - 0.39 (0.23) (0.05) (0.28) 10.65 3.64% 5,588 1.25% 1.75% 0;2.71% 146.84%
2005** 10.00 0.16 0.50 - 0.66 (0.12) - (0.12) 10.54 6.60% 5,193 1.25% 6.95% & #160; 1.82% 170.31%
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________
OLD MUTUAL ASSET ALLOCATION BALANCED PORTFOLIO
Class A
2009 $11.27 $0.19 $(2.91) $- $(2.72) $(0.27) $(0.46) $(0.73) $ 7.82 (24.37)% $ 28,565 0.65% 0.92% 4.07% 13.07%
2008 12.68 0.21 (0.74)# - (0.53) (0.26) (0.62) (0.88) 11.27 (4.59)%# 44,959 0.94% 1.13% 1.71% &# 160; 51.96%
2007 11.45 0.20 1.41 - 1.61 (0.17) (0.21) (0.38) 12.68 14.20% 51,321 1.55% 1.69% 1.59% 60; 121.42%
2006 11.02 0.16 0.47 - 0.63 (0.12) (0.08) (0.20) 11.45 5.76% 37,679 1.55% 1.82% 1.4 0% 129.99%
2005** 10.00 0.10 0.98 - 1.08 (0.06) - (0.06) 11.02 10.83% 19,481 1.55% 4.42% ; 1.13% 125.19%
Class C
2009 $11.17 $0.15 $(2.89) $- $(2.74) $(0.17) $(0.46) $(0.63) $ 7.80 (24.72)% $ 75,656 1.40% 1.57% 3.28% 13.07%
2008 12.64 0.11 (0.73)# - (0.62) (0.23) (0.62) (0.85) 11.17 (5.34)%# 120,085 1.67% 1.85% 0.92% & #160; 51.96%
2007 11.42 0.10 1.41 - 1.51 (0.08) (0.21) (0.29) 12.64 13.38% 109,348 2.30% 2.44% 0.85% &# 160; 121.42%
2006 11.00 0.07 0.48 - 0.55 (0.05) (0.08) (0.13) 11.42 5.00% 61,845 2.30% 2.54% 0.6 6% 129.99%
2005** 10.00 0.03 1.00 - 1.03 (0.03) - (0.03) 11.00 10.31% 24,342 2.30% 4.92% ; 0.38% 125.19%
Class Z
2009 $11.31 $0.21 $(2.93) $- $(2.72) $(0.30) $(0.46) $(0.76) $ 7.83 (24.29)% $ 617 0.40% 6.83% 4.54% 13.07%
2008 12.70 0.23 (0.74)# - (0.51) (0.26) (0.62) (0.88) 11.31 (4.40)%# 732 0.65% 5.13% 1.91% ; 51.96%
2007 11.46 0.26 1.39 - 1.65 (0.20) (0.21) (0.41) 12.70 14.55% 586 1.30% 11.24% 0;2.02% 121.42%
2006*** 11.26 0.12 0.28 - 0.40 (0.12) (0.08) (0.20) 11.46 3.57% 1 1.30% 771.22% 1.6 0% 129.99%
Institutional Class
2009 $11.28 $0.20 $(2.92) $- $(2.72) $(0.30) $(0.46) $(0.76) $ 7.80 (24.36)% $ 3,688 0.40% 1.64% 4.21% 13.07%
2008 12.71 0.27 (0.78)# - (0.51) (0.30) (0.62) (0.92) 11.28 (4.46)%# 6,196 0.85% 1.41% 2.24% 60; 51.96%
2007 11.46 0.23 1.43 - 1.66 (0.20) (0.21) (0.41) 12.71 14.64% 13,969 1.30% 1.39% 1.84% 60; 121.42%
2006 11.04 0.19 0.46 - 0.65 (0.15) (0.08) (0.23) 11.46 5.91% 12,890 1.30% 1.47% 1.6 4% 129.99%
2005** 10.00 0.10 1.01 - 1.11 (0.07) - (0.07) 11.04 11.15% 11,303 1.30% 6.08% ; 1.14% 125.19%
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________
* Per share amounts for the year or period are calculated based on average outstanding shares.
** Fund commenced operations September 30, 2004.
*** Class commenced operations on December 9, 2005.
# Impact of payment to affiliate was less than $0.01 per share and 0.01%, respectively.
† Total returns and portfolio turnover rates are for the period indicated and have not been annualized. Total return would have
been lower had certain expenses not been waived by the Adviser during the year. Returns shown do not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns shown exclude any applicable
sales charges.
†† Ratios for periods less than one year have been annualized.
(1) Ratio does not include expenses of the underlying funds.
Amounts designated as "-" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
24
60; Ratio of
60; Expenses to
Realized & #160; Average Net Ratio of Net
Net and Net Assets Investment
Asset Net Unrealized Dividends Distributions Total Asset Net Ratio (Excluding Income
Value Investment Gains Total from Net from Dividends Value Assets of Expenses Waivers and (Loss) Portfolio
Beginning Income (Losses) on Redemption from Investment Capital and End Total End to Average Expense to Average Turnover
of Period (Loss)* Securities* Fees Operations Income Gains Distributions of Period Return† of Period Net Assets††,(1) Reductions)††,(1) Net Assets†† Rate†
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________
OLD MUTUAL ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Class A
2009 $11.91 $ 0.11 $(3.96) $- $(3.85) $(0.16) $(0.68) $(0.84) $ 7.22 (32.66)% $ 25,224 0.57% 1.12% 2.41% 12.24%
2008 13.76 0.10 (1.11)# - (1.01) (0.15) (0.69) (0.84) 11.91 (7.86)%# 52,854 0.89% 1.26% 0.74% &# 160; 43.04%
2007 12.07 0.11 1.86 - 1.97 (0.07) (0.21) (0.28) 13.76 16.49% 58,969 1.55% 1.73% 0.84% 60; 112.42%
2006 11.30 0.09 0.76 - 0.85 (0.03) (0.05) (0.08) 12.07 7.58% 46,242 1.55% 1.91% 0.7 6% 111.99%
2005** 10.00 0.06 1.25 - 1.31 (0.01) - (0.01) 11.30 13.11% 17,736 1.55% 4.92% ; 0.70% 98.50%
Class C
2009 $11.63 $ 0.08 $(3.87) $- $(3.79) $(0.08) $(0.68) $(0.76) $ 7.08 (32.96)% $ 86,760 1.32% 1.74% 1.84% 12.24%
2008 13.59 - (1.08)# - (1.08) (0.19) (0.69) (0.88) 11.63 (8.55)%# 154,281 1.63% 1.88% (0.02)% &# 160; 43.04%
2007 11.95 0.01 1.84 - 1.85 - (0.21) (0.21) 13.59 15.63% 161,855 2.30% 2.43% 0.09% 112.42%
2006 11.24 - 0.76 - 0.76 - (0.05) (0.05) 11.95 6.80% 95,984 2.30% 2.62% ; 0.01% 111.99%
2005** 10.00 - 1.24 - 1.24 - - - 11.24 12.44% 30,905 2.30% 5.44% (0.03)% 98.50%
Class Z
2009 $12.02 $ 0.14 $(4.02) $- $(3.88) $(0.19) $(0.68) $(0.87) $ 7.27 (32.64)% $ 408 0.32% 9.07% 3.00% 12.24%
2008 13.84 0.13 (1.11)# - (0.98) (0.15) (0.69) (0.84) 12.02 (7.64)%# 600 0.61% 4.40% 0.97% ; 43.04%
2007 12.12 0.20 1.83 - 2.03 (0.10) (0.21) (0.31) 13.84 16.91% 530 1.30% 11.43% 0;1.40% 112.42%
2006*** 11.70 0.08 0.43 - 0.51 (0.04) (0.05) (0.09) 12.12 4.45% 1 1.30% 764.76% 0.9 8% 111.99%
Institutional Class
2009 $12.01 $ 0.14 $(4.01) $- $(3.87) $(0.19) $(0.68) $(0.87) $ 7.27 (32.57)% $ 4,730 0.32% 1.19% 2.91% 12.24%
2008 13.82 0.13 (1.11)# - (0.98) (0.14) (0.69) (0.83) 12.01 (7.59)%# 8,836 0.70% 0.99% 0.98% 60; 43.04%
2007 12.12 0.15 1.86 - 2.01 (0.10) (0.21) (0.31) 13.82 16.74% 13,149 1.30% 1.37% 1.12% 60; 112.42%
2006 11.33 0.12 0.76 - 0.88 (0.04) (0.05) (0.09) 12.12 7.86% 8,136 1.30% 1.56% 0;1.00% 111.99%
2005** 10.00 0.07 1.27 - 1.34 (0.01) - (0.01) 11.33 13.43% 6,279 1.30% 6.81% 0.79% 98.50%
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________
OLD MUTUAL ASSET ALLOCATION GROWTH PORTFOLIO
Class A
2009 $12.33 $ 0.06 $(4.87) $- $(4.81) $ - $(0.65) $(0.65) $ 6.87 (39.35)% $ 19,161 0.56% 1.19% 1.22% 9.06%
2008 14.82 0.07 (1.67)# - (1.60) (0.20) (0.69) (0.89) 12.33 (11.45)%# 43,129 0.91% 1.26% 0.48% & #160; 45.80%
2007 12.70 0.03 2.34 - 2.37 - (0.25) (0.25) 14.82 18.76% 55,755 1.60% 1.83% & #160; 0.24% 104.92%
2006 11.68 0.02 1.12 - 1.14 (0.02) (0.10) (0.12) 12.70 9.75% 30,459 1.60% 2.22% 0.1 7% 94.12%
2005** 10.00 0.03 1.66 - 1.69 (0.01) - (0.01) 11.68 16.91% 10,443 1.60% 5.02% ; 0.33% 59.93%
Class C
2009 $11.95 $ 0.02 $(4.71) $- $(4.69) $ - $(0.65) $(0.65) $ 6.61 (39.60)% $ 43,097 1.30% 1.83% 0.54% 9.06%
2008 14.53 (0.04) (1.61)# - (1.65) (0.24) (0.69) (0.93) 11.95 (12.08)%# 83,127 1.66% 2.01% (0.29)% 45. 80%
2007 12.55 (0.07) 2.30 - 2.23 - (0.25) (0.25) 14.53 17.86% 96,805 2.35% 2.56% ;(0.50)% 104.92%
2006 11.61 (0.07) 1.11 - 1.04 - (0.10) (0.10) 12.55 8.97% 50,152 2.35% 2.93% (0.58)% 94.12%
2005** 10.00 (0.04) 1.65 - 1.61 - - - 11.61 16.15% 13,256 2.35% 5.63% & #160; (0.44)% 59.93%
Class Z
2009 $12.45 $ 0.08 $(4.93) $- $(4.85) $ - $(0.65) $(0.65) $ 6.95 (39.29)% $ 481 0.31% 9.35% 1.67% 9.06%
2008 14.91 0.09 (1.67)# - (1.58) (0.19) (0.69) (0.88) 12.45 (11.25)%# 750 0.61% 5.47% 0.68% 0; 45.80%
2007 12.74 0.12 2.30 - 2.42 - (0.25) (0.25) 14.91 19.09% 648 1.35% 10.49% 60; 0.77% 104.92%
2006*** 12.23 0.03 0.61 - 0.64 (0.03) (0.10) (0.13) 12.74 5.23% 1 1.35% 758.31% 0.3 9% 94.12%
Institutional Class
2009 $12.44 $ 0.08 $(4.92) $- $(4.84) $ - $(0.65) $(0.65) $ 6.95 (39.25)% $ 13,066 0.31% 0.76% 1.61% 9.06%
2008 14.91 0.09 (1.68)# - (1.59) (0.19) (0.69) (0.88) 12.44 (11.32)%# 24,509 0.64% 0.84% 0.67% & #160; 45.80%
2007 12.75 0.07 2.34 - 2.41 - (0.25) (0.25) 14.91 19.00% 24,927 1.35% 1.38% & #160; 0.51% 104.92%
2006 11.70 0.06 1.12 - 1.18 (0.03) (0.10) (0.13) 12.75 10.08% 15,304 1.35% 1.68% 0.47% 60; 94.12%
2005** 10.00 0.04 1.67 - 1.71 (0.01) - (0.01) 11.70 17.13% 6,255 1.35% 7.19% 0.43% 59.93%
_________________________________________________________________________________________________________________________________________________________________________________________________________________________________
25
NOTES TO FINANCIAL STATEMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
1. ORGANIZATION
____________________________________________________________________________________________________________________________________
Old Mutual Funds I (the "Trust"), organized as a Delaware statutory trust on May 27, 2004, is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently offers twelve
series portfolios, of which the following are covered by this Semi-Annual Report - the Old Mutual Asset Allocation Conservative
Portfolio, the Old Mutual Asset Allocation Balanced Portfolio, the Old Mutual Asset Allocation Moderate Growth Portfolio and the Old
Mutual Asset Allocation Growth Portfolio (each a "Fund" and collectively, the "Funds"). The Funds commenced operations on September
30, 2004.
The Trust's series portfolios whose financial statements are presented separately are the Old Mutual Analytic Fund, the Old Mutual
Analytic Global Fund, the Old Mutual Clay Finlay China Fund, the Old Mutual Clay Finlay Emerging Markets Fund, the Old Mutual
International Equity Fund, the Old Mutual Copper Rock Emerging Growth Fund, the Old Mutual International Bond Fund and the Old
Mutual Provident Mid-Cap Growth Fund.
Shareholders may purchase shares of the Funds through four separate classes, Class A, Class C, Class Z and Institutional Class
shares. All classes have equal rights as to earnings, assets and voting privileges, except that each class may have different
distribution costs, dividends, registration costs and shareholder services costs and each class has exclusive voting rights with
respect to its distribution plan. Except for these differences, each share class of each Fund represents an equal proportionate
interest in that Fund. Each Fund is classified as a diversified management investment company. The Funds' prospectus provides a
description of each Fund's investment objective, policies and investment strategies.
Each Fund is a "fund of funds," which seeks to achieve its investment objective by investing in a portfolio of affiliated underlying
equity and fixed income funds that are advised by the Funds' investment adviser, Old Mutual Capital, Inc. (the "Adviser"). In
addition, a portion of its assets may be invested in cash, cash equivalents, or in money market funds. These underlying funds, in
turn, invest in a variety of U.S. and foreign equity and fixed income securities. Under normal circumstances, the Funds expect to
invest their assets among equity and fixed income funds in the following ranges:
Fund Equity Fund Allocation Fixed Income Fund Allocation
____________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio 20 - 40% 60 - - 80%
Old Mutual Asset Allocation Balanced Portfolio 50 - 70% 30 - - 50%
Old Mutual Asset Allocation Moderate Growth Portfolio 70 - 90% 10 - - 30%
Old Mutual Asset Allocation Growth Portfolio 90 - 100% 0 - - 10%
____________________________________________________________________________________________________________________________________
A brief description of each of the underlying funds that the Funds currently invest in is as follows.
Old Mutual Advantage Growth Fund seeks long-term capital growth. To pursue its objective, the fund normally invests at least 65% of
its net assets in equity securities of medium and large-cap companies with favourable growth prospects, as evidenced by such factors
as superior revenue growth, high quality of earnings, global distribution, and strong competitive advantages.
Old Mutual Analytic U.S. Long/Short Fund seeks above-average total returns. To pursue its objective, the fund normally invests at
least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies whose securities are
traded in U.S. markets. While the fund may invest in companies of any size, it generally invests in large and mid-cap companies. The
fund may also invest in long and short positions of publicly traded equity securities. The fund's long and short positions may
include equity securities of foreign issuers that are traded in U.S. markets. The fund generally takes long equity positions equal
to approximately 120% of the fund's equity assets excluding cash, and short equity positions equal to approximately 20% of the
fund's equity assets at the time of investment. The fund's long equity exposure ordinarily ranges from 110% to 125% of the fund's
net assets and its short equity exposure ordinarily ranges from 10% to 33% of the fund's net assets. The cash received from short
sales may be used to invest in long equity positions.
Old Mutual Barrow Hanley Core Bond Fund seeks to maximize total return. To pursue its objective, the fund normally invests at least
80% of its net assets in fixed income securities of varying maturities. Fixed income securities may include: U.S. government
securities, including Treasury and agency securities, corporate obligations, inflation-indexed securities, commercial and
residential mortgage-backed securities, collateralized mortgage obligations and asset-backed securities. The fund may invest up to
25% of its total assets in U.S. dollar denominated foreign debt obligations. The fund may also invest up to 20% of its total assets
in non-investment grade securities. The fund has no limitations on the range of maturities of the fixed income securities in which
it can invest and will maintain an average portfolio duration that ranges from 80% to 120% of the average duration of the Barclays
Capital U.S. Aggregate Index. The sub-adviser will attempt to maintain an overall weighted average portfolio credit quality at a
rating of "AA" (or equivalent) or higher from any nationally recognized statistical rating organization ("NRSRO").
26
Old Mutual Barrow Hanley Value Fund seeks long-term capital growth. The fund is a non-diversified fund. To pursue its objective, the
fund normally invests in equity securities of large and mid-cap companies with value characteristics. Undervalued stocks are
generally those stocks that are out of favor with investors and, in the opinion of the fund's sub-adviser, are trading at prices
that are below average at the time of purchase in relation to such measures as earnings and book value. These stocks often have
above average dividend yields.
Old Mutual Clay Finlay Emerging Markets Fund seeks long-term capital appreciation. Under normal market conditions, the fund invests
at least 80% of its net assets, plus any borrowings for investment purposes, in securities issued by companies in emerging market
countries. The fund normally emphasizes equity securities in its portfolio. Equity securities in which the fund may invest include
common stocks, preferred stocks, securities convertible into common stocks, depository receipts, rights, and warrants. The fund
normally invests in at least 6 emerging market countries, and will not invest more than 35% of its assets in securities of issuers
in any one emerging country. The fund may also invest up to 20% of its assets in debt securities of corporate and government
emerging country issuers and in equity and debt securities of corporate issuers and debt securities of corporate and government
issuers in developing countries.
Old Mutual Developing Growth Fund seeks long-term capital growth. To pursue this objective, the fund normally invests at least 80%
of its net assets (plus any borrowings for investment purposes) in equity securities of small-cap companies with growth
characteristics at the time of purchase.
Old Mutual Discover Value Fund seeks to provide investors with long-term capital growth. To pursue its objective, the fund normally
invests at least 65% of its assets in equity securities of small-cap companies with value characteristics. The fund may also invest
in larger companies if they represent better prospects for capital appreciation. Although the fund normally invests in equity
securities of U.S. companies, it may invest up to 20% of its total assets in foreign securities.
Old Mutual Dwight High Yield Fund seeks to provide investors with a high level of current income. To pursue its objective, the fund
normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in high-yield, below investment-grade
securities including high-yield corporate bonds and loans, municipal bonds, mortgage-backed and asset-backed securities,
income-producing convertible securities, and preferred stocks. The fund may invest up to 30% of its assets in U.S. dollar
denominated foreign debt obligations. The fund may also invest in derivative instruments such as options, futures contracts, credit
default swaps, and swaps and options on indices and may engage in certain investment techniques which create market exposure, such
as dollar rolls. The fund's sub-adviser seeks to maintain a minimum average credit quality for the fund's investments at a rating of
"B" (or equivalent) or higher from any NRSRO. The fund's investment duration typically ranges from 75% to 125% of the average
duration of the Barclays Capital U.S. Corporate High Yield Index.
Old Mutual Dwight Intermediate Fixed Income Fund seeks a high level of current income consistent with relative stability of
principal. To pursue its objective, the fund normally invests at least 80% of its net assets (plus any borrowings for investment
purposes) in a diversified portfolio of fixed income securities of varying maturities. The fund generally invests in investment
grade fixed income securities but may invest up to 15% of its assets in high yield securities. The fund may also invest in
derivative instruments such as options, futures contracts, and options on indices and may engage in certain investment techniques
which create market exposure, such as dollar rolls. The fund's investment duration typically ranges from 75% to 125% of the average
duration of the Barclays Capital Intermediate Aggregate Bond Index. The fund's dollar weighted average maturity will typically be
between 3 and 10 years.
Old Mutual Focused Fund seeks above-average total returns over a 3 to 5 year market cycle. The fund is a non-diversified fund. To
pursue its objective, the fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in
equity securities of small-, medium- and large-cap companies. While the fund may invest in companies of any market capitalization,
the fund generally invests in large-cap companies that the fund's sub-adviser, believes have sustainable long-term growth prospects
but are currently trading at modest relative valuations.
Old Mutual Heitman Global Real Estate Securities Fund seeks to provide investors with a total return through a combination of
current income and capital appreciation. To pursue its objective, the fund normally invests at least 80% of its net assets (plus any
borrowings for investment purposes) in securities of both U.S. and foreign real estate companies and companies related to the real
estate industry. The fund's sub-adviser considers a company to be principally engaged in the real estate industry if it derives at
least 50% of its profits or revenues from the ownership, construction, development, management, financing, servicing, sale or
leasing of real estate or has at least 50% of its assets in such real estate. Under normal circumstances, the fund invests at least
40% of its total assets in securities of issuers in foreign countries.
Old Mutual Heitman REIT Fund seeks to provide investors with a high total return consistent with reasonable risk. To pursue its
objective, the fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity
securities of companies principally engaged in the real estate industry, including real estate investment trusts ("REITs"). The
fund's sub-adviser considers a company to be principally engaged in the real estate industry if it derives at least 50% of its
revenues from the ownership, construction, management, financing or sale of commercial, industrial or residential real estate or has
at least 50% of its assets in such real estate.
Old Mutual International Bond Fund seeks high total return and, when consistent with total return, income. To pursue its objective,
the fund normally invests in fixed income securities of foreign government and corporate issuers. Those fixed income securities,
referred to as "bonds," generally include long-term and short-term government bonds, participation interests in loans, corporate
debt obligations, "structured" notes, and other debt obligations. The fund normally invests at least 80% of its net assets, plus
borrowings for investment purposes, in "bonds" and invests in at least three countries other than the United States.
27
NOTES TO FINANCIAL STATEMENTS - continued
AS OF JANUARY 31, 2009 (UNAUDITED)
Old Mutual International Equity Fund seeks long-term capital appreciation. To pursue its objective, the fund normally invests at
least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of non-U.S. issuers. The fund
allocates its assets to securities of issuers located in at least 3 non-U.S. countries and may invest in both developed and emerging
markets. Generally, the fund limits its investments in any country to 25% or less of its total assets. However, the fund may invest
more than 25% of its assets in issuers organized in Japan or the United Kingdom or in securities quoted or denominated in the
Japanese yen, the British pound, or the euro.
Old Mutual Large Cap Growth Fund seeks to provide investors with long-term capital growth. The fund is classified as a
non-diversified fund. To pursue its objective, the fund normally invests at least 80% of its net assets (plus any borrowings for
investment purposes) in equity securities of large-cap companies with favorable growth prospects. For purposes of this fund, large
cap companies are those companies with market capitalizations within the market capitalization range of those companies in the
Russell 1000® Growth Index. Each sub-adviser will invest the portion of the fund it manages in not more than 40 large-cap
companies.
Old Mutual Mid-Cap Fund seeks above-average total return over a 3 to 5 year market cycle, consistent with reasonable risk. To pursue
its objective, the fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity
securities of mid-cap companies. For purposes of this fund, mid-cap companies are those companies with market capitalizations
similar to the companies in the S&P MidCap 400 Index.
Old Mutual Provident Mid-Cap Growth Fund seeks to provide investors long-term capital appreciation. To pursue its objective, the
fund normally invests at least 80% of its net assets (plus any borrowing for investment purposes) in equity securities of mid-cap
companies with favorable growth prospects. For purposes of the fund, mid-cap companies are those companies with market
capitalizations within the range of companies in the Russell Mid-Cap Growth Index.
Old Mutual TS&W Mid-Cap Value Fund seeks long-term growth. To pursue its objective, the fund normally invests at least 80% of its
net assets (plus any borrowings for investment purposes) in equity securities of mid-cap companies with value characteristics. For
purposes of this fund, mid-cap companies are those companies with market capitalizations similar to the companies in the Russell
MidCap® Value Index.
In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each Fund's
maximum exposure under these arrangements is unknown as any potential exposure involves future claims that may be made against each
Fund.
2. SIGNIFICANT ACCOUNTING POLICIES
____________________________________________________________________________________________________________________________________
The following is a summary of the significant accounting policies followed by the Funds.
Use of Estimates in the Preparation of Financial Statements - The preparation of financial statements, in conformity with accounting
principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the
reported amount 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.
Security Valuation - Investments in underlying funds are valued at the closing net asset value per share of each underlying fund as
reported on each business day. Investment securities of an underlying fund managed by the Adviser, including securities sold short,
that are listed on a securities exchange, market or automated quotation system and for which market quotations are readily
available, including securities traded over-the-counter ("OTC") (except for securities traded on NASDAQ), are valued at the last
quoted sales price on the principal market on which they are traded at the close of trading on the New York Stock Exchange ("NYSE")
(normally 4:00 p.m., Eastern Time) each day that the NYSE is open (the "Valuation Time"), or, if there is no such reported sale at
the Valuation Time, at the most recent quoted bid price reported by the exchange or the OTC market. For securities traded on NASDAQ,
the NASDAQ Official Closing Price provided by NASDAQ each business day will be used. If such prices are not available, these
securities and unlisted securities for which market quotations are not readily available are valued in accordance with Fair Value
Procedures established by each Board of Trustees of the underlying funds (the "Boards"). The underlying funds use pricing services
to report the market value of securities in the portfolios; if the pricing service is not able to provide a price, or the pricing
service quote of valuation is inaccurate or does not reflect the market value of the security, prices may be obtained through market
quotations from independent broker/dealers. If market quotations from these sources are not readily available, securities are valued
in accordance with Fair Value Procedures established by the Boards. The underlying fund's Fair Value Procedures are implemented
through a Valuation Committee (the "Committee") designated by the Boards. 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; or the security's primary pricing source is not able or willing to provide a price. 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. The valuation is assigned to Fair Valued Securities for purposes of calculating
an underlying fund's net asset value ("NAV"). Debt securities (other than short-term obligations), including listed issues, are
valued on the basis of valuations furnished by a pricing service which utilizes electronic data processing techniques to determine
valuations for normal institutional size trading units of debt securities, without exclusive reliance upon exchange or
over-the-counter prices. Short-term obligations with maturities of 60 days or less may be valued at amortized cost, which
approximates market value. Under this valuation method, acquisition discounts and premiums are accreted and amortized ratably to
maturity and are included in interest income.
28
Foreign securities of an underlying fund managed by the Adviser and traded on the foreign exchanges in the Western Hemisphere are
valued based upon quotations from the principal market in which they are traded before the valuation time and are translated from
the local currency into U.S. dollars using current exchange rates. In addition, if quotations are not readily available, or if the
values have been materially affected by events occurring after the closing of a foreign market, assets may be valued in accordance
with the Fair Value Procedures established by the Board.
Foreign securities of an underlying fund managed by the Adviser and traded in countries outside the Western Hemisphere are fair
valued daily by utilizing the quotations of an independent pricing service, unless the underlying fund's investment adviser
determines that use of another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative
models to adjust local prices using factors such as subsequent movement and changes in the prices of indexes, securities and
exchange rates in other markets in determining fair value as of the time the underlying funds calculate the NAVs. The fair value of
the foreign security is translated from the local currency into U.S. dollars using current exchange rates.
Options of an underlying fund managed by the Adviser are valued at the last quoted sales price. If there is no such reported sale on
the valuation date, long option positions are valued at the most recent bid price, and short option positions are valued at the most
recent ask price. Futures contracts of an underlying fund managed by the Adviser are valued at the settlement price established each
day by the board of exchange on which they are traded. The daily settlement prices for financial futures are provided by an
independent source.
The Funds are subject to the provisions of Statement of Financial Account Standards No. 157 Fair Value Measurements, ("SFAS 157").
SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily
available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to
unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The inputs used for valuing
securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation
techniques may result in transfers in or out of an investment's assigned level within the hierarchy during the reporting period. The
aggregate value by input level, as of January 31, 2009, for each Fund's investments is included in the Notes to Schedule of
Investments.
Security Transactions and Investment Income - Security transactions are accounted for on the date the securities are purchased or
sold (trade date). Dividend income and distributions to shareholders are recognized on the ex-dividend date; interest income and
expense is recognized on the accrual basis and includes amortization of premiums and accretion of discounts on investments. Non-cash
dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Costs used in
determining realized capital gains and losses on the sale of investment securities are those of the specific securities sold
adjusted for the accretion and amortization of acquisition discounts and premiums during the respective holding periods, if
applicable.
Dividends and Distributions - Dividends from net investment income for the Funds are declared at least annually, if available,
except Old Mutual Asset Allocation Conservative Portfolio and Old Mutual Asset Allocation Balanced Portfolio, for which dividends
are declared at least quarterly, if available. Distributions of net realized capital gains, for each Fund, are generally made to
shareholders at least annually, if available.
Forward Foreign Currency Contracts - Prior to transitioning to a "fund of funds" structure, some of the Funds entered into forward
foreign currency contracts as hedges against specific transactions, fund positions or anticipated fund positions. All commitments
are "marked-to-market" daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded
accordingly. The Funds realize gains and losses at the time the forward contracts are extinguished. Unrealized gains or losses on
outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or
loss for Federal income tax purposes. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet
the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Finally,
the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities.
Foreign Currency Conversion - The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are
converted into U.S. dollars on the following basis:
(i) market value of investment securities, other assets and liabilities at the current rate of exchange; and
(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the
respective dates of such transactions.
The Funds do not isolate that portion of gains and losses on investment securities that is due to changes in the foreign exchange
rates from that which is due to changes in market prices of such securities.
The Funds report gains and losses on foreign currency related transactions as components of realized gains and losses for financial
reporting purposes, whereas such components are treated as ordinary income or loss for Federal income tax purposes.
Payments by Affiliates - During the year ended July 31, 2008, the Old Mutual Asset Allocation Balanced Portfolio, Old Mutual Asset
Allocation Moderate Growth Portfolio and Old Mutual Asset Allocation Growth Portfolio were reimbursed by a sub-adviser for trading
errors of $3,092, $5,613, and $4,971, respectively.
29
NOTES TO FINANCIAL STATEMENTS - continued
AS OF JANUARY 31, 2009 (UNAUDITED)
Other - Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses are
prorated to the Funds on the basis of relative net assets. Class specific expenses, such as distribution and service fees, are borne
by that class. Income, other expenses and realized and unrealized gains and losses of a Fund are allocated to the respective class
on the basis of the relative net assets each day. Additionally, each Fund, as a shareholder in the underlying funds, will also
indirectly bear its pro rata share of the expenses incurred by the underlying funds. These expenses are not reflected in the
expenses shown in the Statements of Operations and are not included in the ratios to average net assets shown in the Financial
Highlights.
The Funds have an arrangement with the transfer agent, DST Systems, Inc., whereby interest earned on uninvested cash balances is
used to offset a portion of the transfer agent expense. The transfer agent fees shown in the Statements of Operations are in total
and do not reflect the expense reductions, if any, which are shown separately.
The Funds impose a 2% redemption/exchange fee on total redemption proceeds (after applicable deferred sales charges) of any
shareholder redeeming shares (including redemption by exchange) of the Funds within 10 calendar days of their purchase. The Funds
charge the redemption/exchange fee to discourage market timing by those shareholders initiating redemptions or exchanges to take
advantage of short-term market movements. The redemption fee will be imposed to the extent that the number of Fund shares redeemed
exceeds the number of Fund shares that have been held for more than 10 calendar days. In determining how long shares of the Fund
have been held, shares held by the investor for the longest period of time will be sold first. The Funds will retain the fee by
crediting Paid-in Capital. For the six-month period ended January 31, 2009, the following redemption fees were collected by the
Funds.
Class A Class C Class Z Institutional Class
____________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio $ - $ 4 $- $-
Old Mutual Asset Allocation Balanced Portfolio 2,021 3,280 - -
Old Mutual Asset Allocation Moderate Growth Portfolio - 446 - -
Old Mutual Asset Allocation Growth Portfolio 17 17 - -
____________________________________________________________________________________________________________________________________
3. INVESTMENT ADVISORY FEES, ADMINISTRATIVE FEES AND OTHER TRANSACTIONS WITH AFFILIATES
____________________________________________________________________________________________________________________________________
Investment Adviser - Old Mutual Capital, Inc. is an indirect, wholly owned subsidiary of Old Mutual (US) Holdings Inc. ("OMUSH").
OMUSH is a direct, wholly owned subsidiary of OM Group (UK) Limited, which, in turn, is a direct, wholly owned subsidiary of Old
Mutual plc., a London-Exchange listed international financial services firm. The Funds and the Adviser are parties to an Investment
Advisory Agreement (the "Advisory Agreement"), under which the Adviser is paid a monthly fee that is calculated daily and paid
monthly, at an annual rate based on the average daily net assets of each Fund as follows:
Management Fee Asset Level
____________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio 0.200% Less than $1 billion
0.175% From $1 billion to $2 billion
0.150% From $2 billion to $3 billion
0.125% Greater than $3 billion
Old Mutual Asset Allocation Balanced Portfolio 0.200% Less than $1 billion
0.175% From $1 billion to $2 billion
0.150% From $2 billion to $3 billion
0.125% Greater than $3 billion
Old Mutual Asset Allocation Moderate Growth Portfolio 0.250% Less than $1 billion
0.225% From $1 billion to $2 billion
0.200% From $2 billion to $3 billion
0.175% Greater than $3 billion
Old Mutual Asset Allocation Growth Portfolio 0.250% Less than $1 billion
0.225% From $1 billion to $2 billion
0.200% From $2 billion to $3 billion
0.175% Greater than $3 billion
____________________________________________________________________________________________________________________________________
30
Expense Limitation Agreements - In the interest of limiting expenses of the Funds, the Adviser has entered into an expense
limitation agreement ("Expense Limitation Agreement") effective January 1, 2009, pursuant to which the Adviser has agreed, in
writing, to waive or limit its fees and to assume other expenses of the Funds to the extent necessary to limit the total annual
expenses (excluding acquired (underlying) fund fees and expenses) to a specified percentage of the Funds' average daily net assets
through the dates specified below.
Institutional Expiration Date
Class A Class C Class Z Class of Expense Limitation
____________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio 0.61% 1.36% 0.36% 0.36% December 31, 2009
Old Mutual Asset Allocation Balanced Portfolio 0.64% 1.39% 0.39% 0.39% December 31, 2009
Old Mutual Asset Allocation Moderate Growth Portfolio 0.57% 1.32% 0.32% 0.32% December 31, 2009
Old Mutual Asset Allocation Growth Portfolio 0.57% 1.32% 0.32% 0.32% December 31, 2009
____________________________________________________________________________________________________________________________________
Prior to January 1, 2009, the Adviser had entered into an expense limitation agreement (the "Former Expense Limitation Agreement")
pursuant to which the Adviser had agreed, in writing, to waive or limit its fees and to assume other expenses of the Funds to the
extent necessary to limit the total annual expenses (including acquired (underlying) fund fees and expenses) to a specified
percentage of the Funds' average daily net assets through December 31, 2008 as follows:
Institutional
Class A Class C Class Z Class
____________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio 1.50% 2.25% 1.25% 1.25%
Old Mutual Asset Allocation Balanced Portfolio 1.55% 2.30% 1.30% 1.30%
Old Mutual Asset Allocation Moderate Growth Portfolio 1.55% 2.30% 1.30% 1.30%
Old Mutual Asset Allocation Growth Portfolio 1.60% 2.35% 1.35% 1.35%
____________________________________________________________________________________________________________________________________
Reimbursement by the Funds of the advisory fees waived and other expenses paid by the Adviser pursuant to the Former Expense
Limitation Agreement may be made at a later date when a Fund has reached a sufficient asset size to permit reimbursement to be made
without causing the total annual expense rate of the Fund to exceed the expense limitation. Consequently, no reimbursement by these
Funds will be made unless: (i) the Fund's assets exceed $75 million; (ii) such reimbursement does not cause the operating expenses
of the Fund in the year of reimbursement to exceed the expense limitation in effect in the year for which fees are being reimbursed;
and (iii) the payment of such reimbursement was approved by the Board. Moreover, to the extent that the Adviser reimburses advisory
fees or absorbs operating expenses of a Fund, the Adviser may seek payment of such amounts within two fiscal years after the fiscal
year in which fees were reimbursed or absorbed.
Reimbursement by the Funds of advisory fees waived and other expenses paid by the Adviser pursuant to the Expense Limitation
Agreement may be made up to three years after the expenses were reimbursed or absorbed if such reimbursement does not cause the
total operating expenses of the Fund in the year of reimbursement to exceed the expense limitation in effect in the year for which
fees are being reimbursed.
At January 31, 2009, the Adviser may seek reimbursement of previously waived and reimbursed fees as follows (000):
Expires 2009 Expires 2010 Expires 2011 Expires 2012 Total
____________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio $155 $182 $ 98 $20 $ 455
Old Mutual Asset Allocation Balanced Portfolio 200 367 155 22 744
Old Mutual Asset Allocation Moderate Growth Portfolio 267 666 336 52 1,321
Old Mutual Asset Allocation Growth Portfolio 257 600 278 39 1,174
____________________________________________________________________________________________________________________________________
Sub-Advisory Agreement - The Trust, on behalf of the Funds, and the Adviser have entered into a sub-advisory agreement (the
"Ibbotson Sub-Advisory Agreement") with Ibbotson Associates Advisors, LLC ("Ibbotson"). Ibbotson is a wholly owned subsidiary of
Ibbotson Associates, Inc., which is a wholly owned subsidiary of Morningstar, Inc. For the services provided and expenses incurred
pursuant to the Ibbotson Sub-Advisory Agreement, Ibbotson is entitled to receive from the Adviser a sub-advisory fee with respect to
the average daily net assets of each of the Funds, which is computed and paid monthly at an annual rate equal to the greater of (i)
0.08% for average daily net assets up to $250 million, 0.07% for average daily net assets from $250 million to $500 million, 0.06%
for average daily net assets from $500 million to $750 million, 0.05% for average daily net assets from $750 million to $1 billion,
0.04% for average daily net assets from $1 billion to $2 billion and 0.03% for average daily net assets over $2 billion, or (ii)
$200,000. The Sub-Advisory Agreement obligates Ibbotson to: (i) recommend a continuous investment allocation program for each Fund
in accordance with the Fund's investment objective, policies and limitations; (ii) provide supervision of each Fund's investments;
and (iii) recommend the allocation of the assets of each Fund by specific investment style mandate.
31
NOTES TO FINANCIAL STATEMENTS - continued
AS OF JANUARY 31, 2009 (UNAUDITED)
Administrative Services Agreement - The Trust and Old Mutual Fund Services (the "Administrator"), a wholly owned subsidiary of the
Adviser, entered into an Administrative Services Agreement (the "Administrative Agreement"), pursuant to which the Administrator
oversees the administration of the Trust's and each Fund's business and affairs, including regulatory reporting and all necessary
office space, equipment, personnel and facilities, as well as services performed by various third parties. The Administrator is
entitled to a fee from the Trust, which is calculated daily and paid monthly, as follows:
Average Daily Net Assets Annual Fee Rate
________________________________________________________________________________
$0 to $500 million 0.10%
>$500 million up to $1 billion 0.09%
>$1 billion up to $1.5 billion 0.08%
>$1.5 billion 0.07%
________________________________________________________________________________
The Administrative Agreement provides that the Administrator will not be liable for any error of judgment or mistake of law or for
any loss suffered by the Trust in connection with the matters to which the Administrative Agreement relates, except a loss resulting
from willful misfeasance, bad faith or gross negligence on the part of the Administrator in the performance of its duties. The
Administrative Agreement will continue in effect unless terminated by either party upon not less than 90 days' prior written notice
to the other party.
The Bank of New York Mellon (the "Sub-Administrator") serves as sub-administrator to the Trust. The Sub-Administrator assists the
Administrator in connection with the administration of the business and affairs of the Trust. Pursuant to a sub-administration and
accounting agreement (the "Sub-Administration Agreement") between the Administrator and the Sub-Administrator, the Administrator
pays the Sub-Administrator as follows: annual rates, based on the combined average daily gross assets of the funds within the Trust,
Old Mutual Funds II, Old Mutual Funds III and Old Mutual Insurance Series Fund (the "Old Mutual Complex"), of (1) 0.0475% of the
first $6 billion, plus (2) 0.04% of the average daily gross assets in excess of $6 billion. With regard to the Funds, these fees
apply only at the underlying fund level. In addition, the Administrator pays the Sub-Administrator the following annual fees: (1)
$35,000 for each Fund; and (2) $3,000 per class in excess of three classes for each fund in the Old Mutual Complex. Certain minimum
fees apply. The Sub-Administration Agreement provides that the Sub-Administrator will not be liable for any costs, damages,
liabilities or claims incurred by the Sub-Administrator except those arising out of the Sub-Administrator's or its delegee's or
agent's (if such delegee or agent is a subsidiary of the Sub-Administrator) negligence or willful misconduct or the
Sub-Administrator's failure to act in good faith. In no event shall the Sub-Administrator be liable to the Administrator or any
third party for special, indirect or consequential damages.
Distribution Agreement - Old Mutual Investment Partners (the "Distributor"), a wholly owned subsidiary of the Adviser, and the Trust
are parties to a distribution agreement (the "Distribution Agreement"), pursuant to which the Distributor serves as principal
underwriter for the Trust's shares. The Distributor receives no compensation for serving in such capacity, except as provided in
separate Distribution Plans and Service Plans.
The Distribution Agreement is renewable annually. The Distribution Agreement may be terminated by the Distributor, by a majority
vote of the Trustees who are not "interested persons" (as defined in the 1940 Act) and have no financial interest in the
Distribution Agreement or by a majority vote of the outstanding securities of the Trust upon not more than 90 days' written notice
by either party or upon assignment by the Distributor.
The Trust has adopted a Distribution Plan for each of Class A and Class C shares pursuant to Rule 12b-1 under the 1940 Act to enable
the Class A and Class C shares of each Fund to directly and indirectly bear certain expenses relating to the distribution of such
shares. The Trust has also adopted a Service Plan to enable the Class A and Class C shares of each Fund to directly and indirectly
bear certain expenses relating to the shareholder servicing and/or personal account maintenance of the holders of such shares. Each
of the Distribution Plans and Service Plans are compensation plans, which means that they compensate the Distributor or third-party
broker-dealer or financial intermediary regardless of the expenses actually incurred by such persons.
Pursuant to the Distribution Plans for Class A and Class C shares, the Trust will pay to the Distributor a monthly fee at an annual
aggregate rate not to exceed (i) 0.25% of the average net asset value of the Class A shares of each Fund and (ii) 0.75% of the
average net asset value of the Class C shares of each Fund, as determined at the close of each business day during the month, which
is to compensate the Distributor for services provided and expenses incurred by it in connection with the offering and sale of Class
A or Class C shares, which may include, without limitation, the payment by the Distributor to investment dealers of commissions on
the sale of Class A or Class C shares, as set forth in the then current prospectus or statement of additional information with
respect to Class A and Class C shares and interest and other financing costs.
The amount of such payments shall be determined by the Trust's disinterested Trustees from time to time. Currently, Class A shares
are not authorized to pay distribution fees and Class C shares are authorized to pay the maximum amount of distribution fees.
Pursuant to the Service Plan for Class A and Class C shares, the Trust will pay to the Distributor or other third-party financial
intermediaries a fee at an annual aggregate rate not to exceed 0.25% of the average net asset value of Class A and Class C shares,
which is for maintaining or improving services provided to shareholders by the Distributor and investment dealers, financial
institutions and 401(k) plan service providers. The amount of such payments shall be determined by the Trust's disinterested
Trustees from time to time.
32
Currently, both Class A and Class C shares are authorized to pay the maximum amount of service fees.
The Distributor will prepare and deliver written reports to the Board on a regular basis (at least quarterly) setting forth the
payments made pursuant to the Distribution Plans and the Service Plans, and the purposes for which such expenditures were made, as
well as any supplemental reports as the Board may from time to time reasonably request.
Except to the extent that the Administrator, Sub-Administrator, Adviser or sub-advisers may benefit through increased fees from an
increase in the net assets of the Trust which may have resulted in part from the expenditures, no interested person of the Trust nor
any Trustee of the Trust who is not an "interested person" (as defined in the 1940 Act) of the Trust has a direct or indirect
financial interest in the operation of the Distribution or Service Plans or any related agreement.
Of the service and distribution fees the Distributor received for the six-month period ended January 31, 2009, it retained the
following:
Service Fees (000) Distribution Fees (000)
____________________________________________________________________________________________________________________________________
Class A Class C Class C
____________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio $- $11 $34
Old Mutual Asset Allocation Balanced Portfolio - 27 80
Old Mutual Asset Allocation Moderate Growth Portfolio - 28 84
Old Mutual Asset Allocation Growth Portfolio - 13 38
____________________________________________________________________________________________________________________________________
Amounts designated as "-" are either $0 or have been rounded to $0.
Other Service Providers - The Bank of New York Mellon serves as custodian for each of the Funds.
DST Systems, Inc. ("DST") serves as the transfer agent and dividend disbursing agent of the Funds. From time to time, the Funds may
pay amounts to third parties that provide sub-transfer agency and other administrative services relating to the Fund to persons who
beneficially own interests in the Fund.
The Funds have entered into a shareholder servicing agreement with the Administrator to provide shareholder support and other
shareholder account-related services. The shareholder service fees are reviewed periodically and approved annually by the Board.
Shareholder service fees paid to Old Mutual Fund Services for the six-month period ended January 31, 2009 were as follows (000):
________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio $1
Old Mutual Asset Allocation Balanced Portfolio 2
Old Mutual Asset Allocation Moderate Growth Portfolio 4
Old Mutual Asset Allocation Growth Portfolio 4
________________________________________________________________________________
Effective September 17, 2008, these services were no longer provided by the Administrator and the Trust entered into an agency
agreement with DST, pursuant to which DST provides call center, correspondence and other shareholder account-related services to the
Funds.
Officers and Trustees of the Funds who are or were officers of the Adviser, Administrator, Sub-Administrator or Distributor received
no compensation from the Funds.
4. INTERFUND LENDING
____________________________________________________________________________________________________________________________________
Pursuant to resolutions adopted by the Boards of Trustees of each of Old Mutual Funds I and Old Mutual Funds II (together, the
"Trusts"), on behalf of certain series portfolios of the Trusts (the "OM Funds"), each of the OM Funds may lend an amount up to its
prospectus-defined limitations to other OM Funds. All such lending shall be conducted pursuant to the exemptive order granted by the
Securities and Exchange Commission on August 12, 2003 to the Trusts. The interest rate charged on the loan is the average of the
overnight repurchase agreement rate (highest rate available to the OM Funds from investments in overnight repurchase agreements) and
the bank loan rate (Federal Funds Rate plus 50 basis points). None of the OM Funds may borrow more than 10% of its assets.
The Funds had no outstanding borrowings or loans related to interfund lending at any time during the six-month period ended January
31, 2009.
33
NOTES TO FINANCIAL STATEMENTS - continued
AS OF JANUARY 31, 2009 (UNAUDITED)
5. INVESTMENT TRANSACTIONS
____________________________________________________________________________________________________________________________________
The cost of securities purchased and the proceeds from securities sold, other than short-term investments, for the Funds, for the
six-month period ended January 31, 2009 were as follows:
Purchases (000) Sales (000)
____________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio $ 7,511 $13,555
Old Mutual Asset Allocation Balanced Portfolio 17,887 35,886
Old Mutual Asset Allocation Moderate Growth Portfolio 19,735 48,038
Old Mutual Asset Allocation Growth Portfolio 9,887 27,162
____________________________________________________________________________________________________________________________________
6. SHARE TRANSACTIONS
___________________________________________________________________________________________________________________________________________________________
Old Mutual Old Mutual Old Mutual Old Mutual
Asset Allocation Asset Allocation Asset Allocation Asset Allocation
Conservative Balanced Moderate Growth Growth
Portfolio Portfolio Portfolio Portfolio
___________________________________________________________________________________________________________________________________________________________
8/1/08 to 8/1/07 to 8/1/08 to 8/1/07 to 8/1/08 to 8/1/07 to 8/1/08 to 8/1/07 to
1/31/09 7/31/08 1/31/09 7/31/08 1/31/09 7/31/08 1/31/09 7/31/08
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
___________________________________________________________________________________________________________________________________________________________
Shares Issued and Redeemed (000):
Class A
Shares Issued 392 719 744 1,217 293 1,263 256 1,076
Shares Issued upon Reinvestment of
Distributions 72 50 259 234 294 207 183 173
Shares Redeemed (584) (411) (1,339) (1,507) (1,529) (1,319) (1,149) (1,512)
___________________________________________________________________________________________________________________________________________________________
Total Class A Share Transactions (120) 358 (336) (56) (942) 151 (710) (263)
___________________________________________________________________________________________________________________________________________________________
Class C
Shares Issued 775 1,723 1,004 4,016 1,251 4,173 646 1,922
Shares Issued upon Reinvestment of
Distributions 99 64 384 357 636 449 362 310
Shares Redeemed (825) (868) (2,444) (2,273) (2,898) (3,264) (1,449) (1,934)
___________________________________________________________________________________________________________________________________________________________
Total Class C Share Transactions 49 919 (1,056) 2,100 (1,011) 1,358 (441) 298
___________________________________________________________________________________________________________________________________________________________
Class Z
Shares Issued 3 30 13 21 - 10 4 15
Shares Issued upon Reinvestment of
Distributions 1 3 7 4 6 2 5 3
Shares Redeemed (43) (19) (6) (6) - - - (1)
___________________________________________________________________________________________________________________________________________________________
Total Class Z Share Transactions (39) 14 14 19 6 12 9 17
___________________________________________________________________________________________________________________________________________________________
Institutional Class
Shares Issued 104 106 10 465 59 276 100 968
Shares Issued upon Reinvestment of
Distributions 14 28 42 17 79 32 162 82
Shares Redeemed (571) (7) (128) (1,032) (223) (523) (352) (752)
___________________________________________________________________________________________________________________________________________________________
Total Institutional Class Share
Transactions (453) 127 (76) (550) (85) (215) (90) 298
___________________________________________________________________________________________________________________________________________________________
Net Increase in Shares Outstanding (563) 1,418 (1,454) 1,513 (2,032) 1,306 (1,232) 350
___________________________________________________________________________________________________________________________________________________________
Amounts designated as "-" are either 0 or have been rounded to 0.
34
7. AFFILIATED FUND OF FUNDS TRANSACTIONS
____________________________________________________________________________________________________________________________________
The Funds invest in certain mutual funds within the Old Mutual Complex, of which certain funds may be deemed to be under common
control because they may share the same Board. A Fund's investment in any of the underlying funds may exceed 25% of the underlying
fund's total assets. The financial statements for each of the underlying funds that are part of the Old Mutual Complex may be
obtained at oldmutualfunds.com. A summary of the Funds' transactions in affiliated underlying funds during the six-month period
ended January 31, 2009 follows:
Old Mutual Asset Allocation Conservative Portfolio (000):
Unrealized
Purchases at Proceeds Appreciation Value at Dividend Net Realized
Underlying Fund Cost from Sales (Depreciation) 01/31/09 Income Gain (Loss)
___________________________________________________________________________________________________________________________________________
Old Mutual Advantage Growth Fund $ 67 $ 1,911 $ (721) $ 908 $ - $ (638)
Old Mutual Analytic US Long/Short Fund 29 48 (551) 733 3 (14)
Old Mutual Barrow Hanley Core Bond Fund 593 1,875 (40) 15,668 379 136
Old Mutual Barrow Hanley Value Fund 2,300 219 (1,544) 2,806 40 (96)
Old Mutual Dwight High Yield Fund 418 462 (737) 3,307 180 (113)
Old Mutual Dwight Intermediate Fixed Income Fund 424 5,397 (143) 7,048 213 138
Old Mutual Focused Fund 118 158 (398) 822 13 (73)
Old Mutual International Bond Fund 1,639 2,118 (803) 4,024 798 96
Old Mutual International Equity Fund 348 84 (2,549) 2,465 70 (44)
Old Mutual Mid-Cap Fund 1,000 645 (57) 583 - (402)
Old Mutual TS&W Mid-Cap Value Fund 138 81 (1,698) 3,066 18 (35)
Old Mutual Large Cap Growth Fund 313 - - 313 - -
Old Mutual Provident Mid-Cap Growth Fund 124 557 (217) 374 - (287)
___________________________________________________________________________________________________________________________________________
Total $ 7,511 $13,555 $ (9,458) $ 42,117 $1,714 $(1,332)
___________________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation Balanced Portfolio (000):
Unrealized
Purchases at Proceeds Appreciation Value at Dividend Net Realized
Underlying Fund Cost from Sales (Depreciation) 01/31/09 Income Gain (Loss)
___________________________________________________________________________________________________________________________________________
Old Mutual Advantage Growth Fund $ 563 $ 4,273 $ (6,659) $ 7,612 $ - $(1,987)
Old Mutual Analytic US Long/Short Fund 20 - (3,762) 4,963 20 -
Old Mutual Barrow Hanley Core Bond Fund 930 7,202 4 20,871 584 187
Old Mutual Barrow Hanley Value Fund 5,205 308 (7,158) 11,921 141 (259)
Old Mutual Clay Finlay Emerging Markets Fund 1,223 - (2,844) 2,979 110 -
Old Mutual Developing Growth Fund 290 - (2,092) 2,346 - -
Old Mutual Discover Value Fund 3,409 371 (3,541) 6,906 6 (280)
Old Mutual Dwight High Yield Fund 359 328 (1,197) 4,944 277 (98)
Old Mutual Dwight Intermediate Fixed Income Fund 821 11,643 (188) 9,829 395 15
Old Mutual Focused Fund 80 - (2,484) 3,875 63 17
Old Mutual Heitman Global Real Estate Securities Fund 1,991 277 (770) 894 - (50)
Old Mutual Heitman REIT Fund 9 2,203 (452) 434 9 (811)
Old Mutual International Bond Fund 1,398 3,990 (1,179) 5,816 1,164 158
Old Mutual International Equity Fund 1,371 1,150 (12,766) 11,917 371 (1,042)
Old Mutual Mid-Cap Fund 161 96 (2,081) 2,107 - (131)
Old Mutual TS&W Mid-Cap Value Fund 57 404 (5,256) 9,126 57 (230)
Old Mutual Provident Mid-Cap Growth Fund - 3,641 (1,090) 1,285 - (2,267)
___________________________________________________________________________________________________________________________________________
Total $17,887 $35,886 $(53,515) $107,825 $3,197 $(6,778)
___________________________________________________________________________________________________________________________________________
35
NOTES TO FINANCIAL STATEMENTS - continued
AS OF JANUARY 31, 2009 (UNAUDITED)
Old Mutual Asset Allocation Moderate Growth Portfolio (000):
Unrealized
Purchases at Proceeds Appreciation Value at Dividend Net Realized
Underlying Fund Cost from Sales (Depreciation) 01/31/09 Income Gain (Loss)
___________________________________________________________________________________________________________________________________________
Old Mutual Advantage Growth Fund $ 751 $ 8,496 $ (8,791) $ 9,577 $ - $ (4,444)
Old Mutual Analytic US Long/Short Fund 29 733 (5,394) 7,121 30 (370)
Old Mutual Barrow Hanley Core Bond Fund 516 5,956 (1) 10,460 326 57
Old Mutual Barrow Hanley Value Fund 5,816 1,829 (9,618) 15,179 216 (1,647)
Old Mutual Clay Finlay Emerging Markets Fund 596 134 (4,877) 3,847 131 (192)
Old Mutual Developing Growth Fund 349 134 (4,502) 5,022 - (128)
Old Mutual Discover Value Fund 2,860 134 (7,093) 10,493 11 (108)
Old Mutual Dwight Intermediate Fixed Income Fund 404 8,315 (91) 4,731 211 (30)
Old Mutual Focused Fund 127 802 (3,730) 5,818 100 (337)
Old Mutual Heitman Global Real Estate Securities Fund 5,515 1,029 (2,002) 2,322 - (162)
Old Mutual Heitman REIT Fund 372 6,824 (836) 1,058 23 (2,715)
Old Mutual International Bond Fund 895 2,643 (768) 3,772 735 102
Old Mutual International Equity Fund 607 2,122 (23,522) 19,650 607 (2,053)
Old Mutual Mid-Cap Fund - 429 (3,314) 2,905 - (384)
Old Mutual TS&W Mid-Cap Value Fund 83 1,524 (7,400) 12,649 83 (803)
Old Mutual Large Cap Growth Fund 815 - (23) 792 - -
Old Mutual Provident Mid-Cap Growth Fund - 6,934 (827) 991 - (3,732)
___________________________________________________________________________________________________________________________________________
Total $19,735 $48,038 $(82,789) $116,387 $2,473 $(16,946)
___________________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation Growth Portfolio (000):
Unrealized
Purchases at Proceeds Appreciation Value at Dividend Net Realized
Underlying Fund Cost from Sales (Depreciation) 01/31/09 Income Gain (Loss)
___________________________________________________________________________________________________________________________________________
Old Mutual Advantage Growth Fund $ 768 $ 5,612 $ (8,915) $ 9,905 $ - $ (2,670)
Old Mutual Analytic US Long/Short Fund 21 750 (3,982) 5,242 21 (302)
Old Mutual Barrow Hanley Value Fund 2,182 441 (10,459) 12,446 182 (227)
Old Mutual Clay Finlay Emerging Markets Fund 89 103 (3,327) 2,342 89 (105)
Old Mutual Developing Growth Fund - 583 (3,830) 4,191 - (510)
Old Mutual Discover Value Fund 9 388 (5,761) 6,427 9 (255)
Old Mutual Focused Fund 112 761 (3,397) 5,290 88 (213)
Old Mutual Heitman Global Real Estate Securities Fund 6,113 554 (2,515) 2,918 - (126)
Old Mutual Heitman REIT Fund 28 6,589 (1,540) 1,425 28 (2,679)
Old Mutual International Equity Fund �� 511 3,798 (18,796) 16,244 511 (3,384)
Old Mutual Mid-Cap Fund - 1,257 (373) 507 - (1,369)
Old Mutual TS&W Mid-Cap Value Fund 54 1,242 (4,733) 8,137 54 (585)
Old Mutual Provident Mid-Cap Growth Fund - 5,084 (179) 258 - (2,393)
___________________________________________________________________________________________________________________________________________
Total $ 9,887 $27,162 $(67,807) $ 75,332 $ 982 $(14,818)
___________________________________________________________________________________________________________________________________________
Amounts designated as "-" are either $0 or have been rounded to $0.
36
8. FEDERAL TAX INFORMATION
____________________________________________________________________________________________________________________________________
Each Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal
Revenue Code and to distribute substantially all of its taxable income and net capital gains. Accordingly, no provision has been
made for Federal income taxes.
The Funds are subject to the provisions of Financial Accounting Standards Board Interpretation No. 48 ("FIN 48"), Accounting for
Uncertainty in Income Taxes. FIN 48 requires an evaluation of tax positions taken (or expected to be taken) in the course of
preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that based on the
technical merits have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position
that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the
financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense
in the Statements of Operations.
FIN 48 requires management of the Funds to analyze all open tax years, fiscal years 2005 - 2008 as defined by IRS statute of
limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the
six-month period ended January 31, 2009, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no
examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of
unrecognized tax benefits will significantly change in the next twelve months.
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S.
Federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the
United States of America. These book/tax differences are either temporary or permanent in nature. To the extent these differences
are permanent, they are charged or credited to Paid-in Capital or accumulated net realized gain, as appropriate, in the period that
the differences arise.
Accordingly, the following permanent differences as of July 31, 2008, primarily attributable to certain net operating losses,
different treatment for gains and losses on paydowns of mortgage- and asset-backed securities for tax purposes, reclassifications of
long-term capital gain distributions on Real Estate Investment Trust securities, reclassifications of capital gain distributions
investments in Passive Foreign Investment Companies, foreign currency translation and return of capital which, for tax purposes, are
not available to offset future income, were reclassified to the following accounts.
Increase/(Decrease) Increase/(Decrease)
Accumulated Undistributed
Net Realized Net Investment
Gain Income
(000) (000)
____________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio $ (200) $ 200
Old Mutual Asset Allocation Balanced Portfolio (1,250) 1,250
Old Mutual Asset Allocation Moderate Growth Portfolio (2,641) 2,641
Old Mutual Asset Allocation Growth Portfolio (2,974) 2,974
____________________________________________________________________________________________________________________________________
The tax character of dividends and distributions declared during the year or periods ended July 31, 2008 and 2007 were as follows:
Ordinary Long Term
Income Capital Gain Total
(000) (000) (000)
____________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio
2008 $ 1,775 $ 670 $ 2,445
2007 889 140 1,029
Old Mutual Asset Allocation Balanced Portfolio
2008 8,714 3,306 12,020
2007 2,576 1,142 3,718
Old Mutual Asset Allocation Moderate Growth Portfolio
2008 11,047 4,608 15,655
2007 2,292 1,107 3,399
Old Mutual Asset Allocation Growth Portfolio
2008 8,380 3,120 11,500
2007 1,357 840 2,197
____________________________________________________________________________________________________________________________________
37
NOTES TO FINANCIAL STATEMENTS - concluded
AS OF JANUARY 31, 2009 (UNAUDITED)
As of July 31, 2008, the components of Distributable Earnings/(Accumulated Losses) were as follows:
Post
Undistributed Undistributed Post October Net Other
Ordinary Long Term Capital Loss October Currency Unrealized Temporary
Income Capital Gain Carryforwards Losses Losses Depreciation Differences Total
(000) (000) (000) (000) (000) (000) (000) (000)
____________________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation
Conservative Portfolio $ 2,440 $ - $- $(1,314) $(110) $ (942) $ (8) $ 66
Old Mutual Asset Allocation
Balanced Portfolio 317 5,913 - - - (8,517) (17) (2,304)
Old Mutual Asset Allocation
Moderate Growth Portfolio 21,455 - - (10,802) - (15,462) (9) (4,818)
Old Mutual Asset Allocation
Growth Portfolio 15,886 - - (8,830) - (16,278) (7) (9,229)
____________________________________________________________________________________________________________________________________________
Amounts designated as "-" are either $0 or have been rounded to $0.
Post-October losses represent losses realized on investment transactions from November 1, 2007 through July 31, 2008 that, in
accordance with Federal income tax regulations, the Funds may elect to defer and treat as having arisen in the following fiscal
year. The Federal tax cost, aggregate gross unrealized appreciation and depreciation of investments held by each Fund at January 31,
2009 were as follows:
Net
Federal Tax Unrealized Unrealized Unrealized
Cost Appreciation Depreciation Depreciation
(000) (000) (000) (000)
____________________________________________________________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio $ 51,998 $- $ (9,458) $ (9,458)
Old Mutual Asset Allocation Balanced Portfolio 162,437 4 (53,519) (53,515)
Old Mutual Asset Allocation Moderate Growth Portfolio 200,311 - (82,789) (82,789)
Old Mutual Asset Allocation Growth Portfolio 143,842 - (67,807) (67,807)
____________________________________________________________________________________________________________________________________________
9. NEW ACCOUNTING PRONOUNCEMENTS
____________________________________________________________________________________________________________________________________
In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and
Hedging Activities ("SFAS 161"), which requires qualitative disclosures about objectives and strategies for using derivatives,
quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about
credit-risk-related contingent features in derivative agreements. SFAS 161 is effective for financial statements issued for fiscal
years beginning after November 15, 2008 and interim periods within those fiscal years. Management is currently evaluating the impact
the adoption of SFAS 161 may have on the Funds' financial statement disclosures.
38
PROXY VOTING AND PORTFOLIO HOLDINGS (Unaudited)
Proxy Voting
A description of the guidelines that the Trust uses to determine how to vote proxies relating to portfolio securities is available
(i) without charge, upon request, by calling toll-free at 888.772.2888; (ii) on the Trust's website at oldmutualfunds.com; and (iii)
on the SEC's website at http://www.sec.gov.
Information about how the Funds voted proxies relating to portfolio securities for the 12-month period ended June 30, 2008 is
available on the Trust's website at oldmutualfunds.com and on the SEC's website at http://www.sec.gov.
Portfolio Holdings
The Trust files a complete schedule of portfolio holdings with the SEC for the first and third quarters of its fiscal year on Form
N-Q. The Trust's Forms N-Q are available on the SEC's website at http://www.sec.gov, or may be reviewed and copied at the SEC'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 toll-free.
39
FUND EXPENSES EXAMPLE (Unaudited)
Six Month Hypothetical Expense Example - January 31, 2009
Example. As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Transaction fees may
include transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees. Fund-related
fees may include ongoing expenses, including management fees, distribution and/or service fees, and other fund expenses, which are
indirectly paid by shareholders and affect your investment return.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs
with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the
beginning of the period and held for the six-month period ended January 31, 2009.
Actual Expenses. The first line for each share class in the following table provides information about actual account values and
actual expenses. The Example includes, but is not limited to, management fees, 12b-1 fees, fund accounting, custody and transfer
agent fees. However, the Example does not include client specific fees, such as the $10.00 fee charged to IRA accounts, or the
$10.00 fee charged for wire redemptions. The Example also does not include portfolio trading commissions and related trading
expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the
result by the number in the first line for each share class under the heading entitled "Expenses Paid During Six Month Period" to
estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes. The second line for each share class in the table provides information about
hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5%
per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing
costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples
that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange
fees. Therefore, this information is useful in comparing ongoing costs only, and will not help you determine the relative total
costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expenses Annualize d Expenses
Beginning Ending Expense Paid Beginning Ending Expense Paid
Account Account Ratios During Account Account Ratios During
Value Value for the Six Six Month Value Value for the Six Six Month
8/1/08 1/31/09 Month Period Period* 8/1/08 1/31/09 Month Period Period*
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio - Class A Old Mutual Asset Allocation Balanced Portfolio - Class Z
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return $1,000.00 $ 879.70 0.70% $3.32 Actual Fund Return $1,000.00 $ 757.10 0.40% $1.77
Hypothetical 5% Return 1,000.00 1,025.10 0.70 3.57 Hypothetical 5% Return 1,000.00 1,025.12 0.40 2.04
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio - Class C Old Mutual Asset Allocation Balanced Portfolio - Institutional Class
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 875.90 1.45 6.86 Actual Fund Return 1,000.00 756.40 0.40 1.77
Hypothetical 5% Return 1,000.00 1,025.06 1.45 7.40 Hypothetical 5% Return 1,000.00 1,023.13 0.40 2.04
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio - Class Z Old Mutual Asset Allocation Moderate Growth Portfolio - Class A
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 880.20 0.45 2.13 Actual Fund Return 1,000.00 673.40 0.57 2.40
Hypothetical 5% Return 1,000.00 1,025.11 0.45 2.30 Hypothetical 5% Return 1,000.00 1,025.11 0.57 2.91
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Asset Allocation Conservative Portfolio - Institutional Class Old Mutual Asset Allocation Moderate Growth Portfolio - Class C
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 879.20 0.45 2.13 Actual Fund Return 1,000.00 670.40 1.32 5.56
Hypothetical 5% Return 1,000.00 1,022.87 0.45 2.29 Hypothetical 5% Return 1,000.00 1,025.07 1.32 6.74
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Asset Allocation Balanced Portfolio - Class A Old Mutual Asset Allocation Moderate Growth Portfolio - Class Z
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 756.30 0.65 2.88 Actual Fund Return 1,000.00 673.60 0.32 1.35
Hypothetical 5% Return 1,000.00 1025.10 0.65 �� 3.32 Hypothetical 5% Return 1,000.00 1,025.12 0.32 1.63
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Asset Allocation Balanced Portfolio - Class C Old Mutual Asset Allocation Moderate Growth Portfolio - Institutional Class
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 752.80 1.40 6.19 Actual Fund Return 1,000.00 674.30 0.32 1.35
Hypothetical 5% Return 1,000.00 1,025.07 1.40 7.15 Hypothetical 5% Return 1,000.00 1,023.53 0.32 1.63
_________________________________________________________________________________________ _________________________________________________________________________________________
40
Annualized Expenses
Beginning Ending Expense Paid
Account Account Ratios During
Value Value for the Six Six Month
8/1/08 1/31/09 Month Period Period*
_________________________________________________________________________________________
Old Mutual Asset Allocation Growth Portfolio - Class A
_________________________________________________________________________________________
Actual Fund Return $1,000.00 $ 606.50 0.56% $2.27
Hypothetical 5% Return 1,000.00 1,025.11 0.56 2.86
_________________________________________________________________________________________
Old Mutual Asset Allocation Growth Portfolio - Class C
_________________________________________________________________________________________
Actual Fund Return 1,000.00 604.00 1.30 5.26
Hypothetical 5% Return 1,000.00 1,025.07 1.30 6.64
_________________________________________________________________________________________
Old Mutual Asset Allocation Growth Portfolio - Class Z
_________________________________________________________________________________________
Actual Fund Return 1,000.00 607.10 0.31 1.26
Hypothetical 5% Return 1,000.00 1,025.12 0.31 1.58
_________________________________________________________________________________________
Old Mutual Asset Allocation Growth Portfolio - Institutional Class
_________________________________________________________________________________________
Actual Fund Return 1,000.00 607.50 0.31 1.26
Hypothetical 5% Return 1,000.00 1,023.58 0.31 1.58
_________________________________________________________________________________________
* Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by
184/365 (to reflect the one-half year period).
41
FOR MORE INFORMATION
For investors who want more information about Old Mutual Funds I, please contact us at:
| By Telephone:
|
| 888.772.2888
|
| By Mail:
|
| Old Mutual Funds I
| P.O. Box 219534
| Kansas City, Missouri 64121-9534
|
| Via the Internet:
|
| oldmutualfunds.com
This semi-annual report is intended for the information of Old Mutual
Funds I shareholders, but may be used by prospective investors
when preceded or accompanied by a current prospectus. You
may obtain a copy of the prospectus, which contains important
information about the objectives, risks, share classes, charges and
expenses of Old Mutual Funds I, by visiting oldmutualfunds.com
or by calling 888.772.2888. Please read the prospectus carefully
before investing.
[OLD MUTUAL LOGO]
Funds distributed by Old Mutual Investment Partners
R-09-455 03/2009
[OLD MUTUAL LOGO]
Funds I
Old Mutual Funds I
SEMI-ANNUAL
REPORT
January 31, 2009
Old Mutual Analytic Fund
Old Mutual Analytic Global Fund
Old Mutual Clay Finlay China Fund
Old Mutual Clay Finlay Emerging Markets Fund
Old Mutual Copper Rock Emerging Growth Fund
Old Mutual International Bond Fund
Old Mutual International Equity Fund
Old Mutual Provident Mid-Cap Growth Fund
TABLE OF CONTENTS
About This Report 1
Message to Shareholders 4
Management Discussion of Fund Performance
and Schedules of Investments
Old Mutual Analytic Fund
Class A (ANAEX), Class C (ANCEX), Class Z (ANDEX), Institutional Class (ANIEX) 5
Old Mutual Analytic Global Fund
Class A (ANGAX), Class C (ANGCX), Class Z (ANGZX), Institutional Class (ANGIX) 17
Old Mutual Clay Finlay China Fund
Class A (OMNAX), Class C (OMNCX), Class Z (OMNZX), Institutional Class (OMINX) 25
Old Mutual Clay Finlay Emerging Markets Fund
Class A (OMRAX), Class C (OMRCX), Class Z (OMRZX), Institutional Class (OMRIX) 30
Old Mutual Copper Rock Emerging Growth Fund
Class A (OMARX), Class C (OMCRX), Class Z (OMZRX), Institutional Class (OMIRX) 35
Old Mutual International Bond Fund
Institutional Class (OBIMX) 41
Old Mutual International Equity Fund
Class A (OMXAX), Class C (OMXCX), Class Z (OMXZX), Institutional Class (OMXIX) 46
Old Mutual Provident Mid-Cap Growth Fund
Institutional Class (OIPMX) 55
Statements of Assets & Liabilities 62
Statements of Operations 64
Statements of Changes in Net Assets 66
Statements of Cash Flows 68
Financial Highlights 69
Notes to Financial Statements 75
Proxy Voting and Portfolio Holdings 89
Fund Expenses Example 90
ABOUT THIS REPORT
HISTORICAL RETURNS
____________________________________________________________________________________________________________________________________
All total returns mentioned in this report account for the change in a Fund's per-share price and the reinvestment of any dividends
and capital gain distributions. If your account is set up to receive Fund dividends and distributions in cash rather than reinvest
them, your actual return may differ from these figures. The Funds' performance results do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on the redemption of Fund shares.
Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost. Performance results represent past performance, and
current performance may be higher or lower. Please call toll-free at 888-772-2888 or visit oldmutualfunds.com for performance
results current to the most recent month-end.
Performance results for short periods of time may not be representative of longer-term results. Performance without load assumes
that no front-end or contingent deferred sales charge applied or the investment was not redeemed. Performance with load assumes
that a front-end or contingent deferred sales charge applied to the extent applicable. Each of the Funds, except Old Mutual
International Bond Fund and Old Mutual Provident Mid-Cap Growth Fund, offers Class A, Class C, Class Z and Institutional Class
shares. The Old Mutual International Bond Fund and Old Mutual Provident Mid-Cap Growth Fund offer Institutional Class shares only.
Class A shares have a current maximum up-front sales charge of 5.75% and are subject to an annual service fee of 0.25%. Class C
shares are subject to aggregate annual distribution and service fees of 1.00% and will be subject to a contingent deferred sales
charge of 1.00% if redeemed within the first 12 months of purchase. Class Z and Institutional Class shares are only available to
eligible shareholders. The returns for certain periods may reflect fee waivers and/or reimbursements in effect for that period;
absent fee waivers and reimbursements, performance would have been lower.
FUND DATA
____________________________________________________________________________________________________________________________________
This report reflects views, opinions and Fund holdings as of January 31, 2009, the end of the report period, and are subject to
change. The information is not a complete analysis of every aspect of any sector, industry, security or of the Funds. Opinions and
forecasts regarding industries, companies and/or themes and Fund composition and holdings, are subject to change at any time based
on market and other conditions, and should not be construed as a recommendation of any specific security or as investment advice.
Percentage holdings as of January 31, 2009 are included in each Fund's Schedule of Investments. There is no assurance that the
securities purchased will remain in a Fund or that securities sold have not been repurchased.
There are risks associated with mutual fund investing, including the risk of loss of principal. There is no assurance that the
investment process will consistently lead to successful results. There are also risks associated with small- and mid-cap investing,
including limited product lines, less liquidity and small market share. Investments in foreign securities may entail unique risks,
including political, market and currency risks. An investment in a regional fund may involve greater risk and volatility than a
more diversified investment. Investing in fixed income securities involves interest rate risk. When interest rates rise, the value
of fixed income securities generally decreases. High-yield bonds involve a greater risk of default and price volatility than U.S.
Government and other higher-quality bonds. An investment in a Fund is not a bank deposit. It is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government agency.
Certain Funds utilize call options, short selling and derivatives as part of their investment strategy. Call options involve certain
risks, such as limited gains and lack of liquidity of the underlying securities, and are not suitable for all investors. There are
risks associated with short selling, including the risk that a Fund may have to cover the short position at a higher price than the
short price, resulting in a loss. A Fund's loss on a short sale is potentially unlimited as a loss occurs when the value of a
security sold short increases. By engaging in certain derivative strategies or investing the proceeds received from selling
securities short, a Fund is employing leverage, which creates special risks. The use of leverage may increase the Fund's exposure to
long equity positions and make any change in the Fund's net asset value greater than without the use of leverage, which could result
in increased volatility of returns. Derivatives are often more volatile than other investments and may magnify a Fund's gains or
losses. A Fund could be negatively affected if the change in market value of the securities fails to correlate with the value of the
derivatives purchased or sold.
1
ABOUT THIS REPORT - concluded
COMPARATIVE INDEXES
____________________________________________________________________________________________________________________________________
The comparative indexes discussed in this report are meant to provide a basis for judging the Funds' performance against specific
benchmarks. Each index shown accounts for both changes in security price and reinvestment of dividends and distributions, but does
not reflect the cost of managing a mutual fund. The total return figures for the Morgan Stanley Capital International ("MSCI")
indexes assume change in security prices and the deduction of local taxes. The Funds may significantly differ in holdings and
composition from an index. Individuals cannot invest directly in an index.
Indexes:
Citigroup Non-U.S. Dollar World Government Bond Index
The Citigroup Non-U.S. Dollar World Government Bond Index is a market-weighted index designed to reflect the performance of the
international developed-government fixed income markets in the following 19 countries: Australia, Austria, Belgium, Canada,
Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden,
Switzerland and the United Kingdom.
MSCI China Index
The unmanaged MSCI China Index is a market capitalization-weighted index of Chinese equities that includes Red Chips and H shares
listed on the Hong Kong Stock Exchange and B shares listed on the Shanghai and Shenzhen Exchanges. Red Chips are Mainland Chinese
companies listed on the Hong Kong Stock Exchange that are incorporated in Hong Kong. H Shares are Mainland Chinese companies listed
on the Hong Kong Stock Exchange that are incorporated in Mainland China and approved by the China Securities Regulatory Commission
for a listing in Hong Kong. B Shares are Mainland Chinese stocks listed on the Shanghai and Shenzhen stock exchanges, available to
Chinese and foreign investors.
MSCI EAFE® Index
The unmanaged MSCI EAFE® Index is a market capitalization-weighted index designed to measure the equity market performance of
developed markets, excluding the United States and Canada. As of June 2007, the MSCI EAFE Index consisted of the following 21
developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland,
Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.
MSCI Emerging Markets Index
The unmanaged MSCI Emerging Markets Index is a market capitalization-weighted index designed to measure equity market performance
of emerging markets. As of January 2009, the MSCI Emerging Markets Index consisted of the following 23 emerging market country
indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia,
Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.
MSCI World Index
The unmanaged MSCI World Index is a market capitalization-weighted index designed to measure the equity market performance of
developed markets. As of June 2007, the MSCI World Index consisted of the following 23 developed market country indices: Australia,
Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New
Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.
Russell 2000® Growth Index
The Russell 2000® Growth Index measures the performance of those Russell 2000® Index companies with higher price-to-book ratios
and higher forecasted growth rates.
2
Russell 2500® Growth Index
The Russell 2500® Growth Index measures the performance of those Russell 2500® Index companies with higher price-to-book ratios
and higher forecasted growth rates.
Russell Midcap® Growth Index
The unmanaged Russell Midcap® Growth Index consists of stocks from the Russell Midcap® Index with a greater than average growth
orientation.
Standard & Poor's 500 Index
The unmanaged Standard & Poor's 500 ("S&P 500") Index is a market value-weighted index of large-cap common stocks considered
representative of the broad market.
Index returns and statistical data included in this report are provided by Bloomberg and FactSet.
3
MESSAGE TO SHAREHOLDERS
Dear Shareholder:
The last six months have been an extraordinary investment period marked by remarkable share price volatility and unprecedented
levels of federal government intervention in financial markets. Decreasing demand for manufactured goods led to large scale layoffs
and U.S. unemployment rose quickly. There were significant declines in the prices of existing family homes and areas throughout the
U.S. reported record numbers of foreclosures. Americans experienced losses associated with their home values as well as their
retirement savings. Equity markets were weak across the board, without regard to market capitalization or investment style. U.S.
stocks, as measured by the S&P 500 Index, declined by (33.95)% for the six-month period ended January 31, 2009. The global economic
outlook also remained negative as declining interest rates, declining consumer demand, fluctuating currency markets, fluctuating
energy prices and earnings downgrades resulted in both a loss of confidence among investors and increased risk aversion.
The economic and financial events that unfolded this period were extraordinary and presented the adviser with a daunting backdrop
in which to manage portfolios. As financial companies scrambled to continue to account for and unwind their mortgage based
exposure, credit continued to contract. Confidence in financial institutions waned and, in some cases, froze. Those companies with
the greatest leverage faced severe hardship. The result was government sponsored bailouts, massive restructurings and bankruptcies.
The economic woes of the U.S. also spread globally. Demand was down across the globe, manufacturing slowed and unemployment rose.
Downward revisions to growth in the U.S., the U.K., Europe and Japan indicated that much of the developed world was already in or
near a recession. Economies in the emerging markets also felt the pinch from the rapid decline in economic activity.
Despite this challenging environment, the current policy response may help the global economy start to recover. Although it may
take some time to play out, strong long-term opportunities are available to patient investors, and when the economy nears the end
of this recession, those investors will likely be rewarded.
As always, we are grateful for your support and will continue to work diligently to enhance your experience as an investor in the
Old Mutual Funds I portfolios. Please do not hesitate to contact us if there is anything we can do to better serve you. Feel free
to contact me directly at President@oldmutualcapital.com, or please see the back cover of this report for other contact
information.
Sincerely,
/s/ Julian F. Sluyters
Julian F. Sluyters
President
Old Mutual Funds I
4
OLD MUTUAL ANALYTIC FUND
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Analytic Investors, LLC
Performance Highlights
o For the six-month period ended January 31, 2009, the Old Mutual Analytic Fund (the "Fund") outperformed its benchmark, the S&P
500 Index. The Fund's Class A shares posted a (28.20)% return at net asset value versus a (33.95)% return for the benchmark.
o Equities held by the Fund outperformed the Index but resulted in negative returns to the Fund during the period. Options
contributed positively to Fund performance during the period as a result of the declining equity market environment. Global
asset allocation had a negative impact on Fund performance during the period, as both equity and currency positions performed
poorly.
o Sectors that contributed positively to the Fund's relative performance included energy, financials and industrials. On the
contrary, healthcare, utilities and information technology were detractors from relative performance.
o Short positions in Central European Media Enterprises (no longer a Fund holding), Century Aluminum and XL Capital were among
the top contributors to relative performance for the period.
o Long positions in Schlumberger, Microsoft and News Corporation were among the top detractors from relative performance for the
period.
Q. How did the Fund perform relative to its benchmark?
A. For the six-month period ended January 31, 2009, the Old Mutual Analytic Fund (the "Fund") outperformed its benchmark, the S&P
500 Index (the "Index"). The Fund's Class A shares posted a (28.20)% return at net asset value versus a (33.95)% return for the
benchmark. Performance for all share classes can be found on page 7.
Q. What investment environment did the Fund face during the past period?
A. The U.S. market declined during the period. The institution of the new Obama administration failed to restore investor
confidence, both in the U.S. and globally, as widespread job losses and overall economic uncertainty overwhelmed investors. The
U. S. Federal Reserve Board cut interest rates and recommended a stimulus plan during the period, however, housing, employment
and consumer confidence levels continued to post negatively.
Q. Which market factors influenced the Fund's relative performance?
A. Despite the challenging environment during the period, the Fund's equity component was able to outperform the Index. An
emphasis on companies with positive return on assets and above-average historical earnings to price ratios contributed
positively to performance, while positive tilts toward companies with above-average price momentum and high five-month returns
detracted from performance. A de-emphasis on companies with attractive analyst dispersion and companies with high financial
leverage growth contributed positively to performance, while negative tilts on companies with attractive growth in valuation
and high dividend yielding companies detracted from performance.
Q. How did portfolio composition affect relative Fund performance?
A. Sectors that contributed positively to the Fund's performance included energy, financials and industrials. On the contrary,
healthcare, utilities and information technology were detractors from performance.
Short positions in Central European Media Enterprises (no longer a Fund holding), Century Aluminum and XL Capital were among
the top contributors for the period. Central European Media Enterprises, a company that invests in, develops and operates
commercial television channels in Central and Eastern Europe, saw its share price harmed in the economic downturn. Century
Aluminum, an international aluminum producer, saw its shares plummet towards the end of the period as investors concluded the
commodity's price decline had sunk below the marginal cost of production. Investor fears also mounted with falling demand for
the commodity from Chinese buyers. XL Capital, a financial services company, saw its shares plummet upon market rumors that the
company retained Goldman Sachs with the prospect of selling the company. Investors pulled their money out on doubts that a good
deal would come through.
Long positions in Schlumberger, Microsoft and News Corporation were among the top detractors for the period. Schlumberger, an
oil-field services company, saw its stock decline due to the fall of crude oil prices. Microsoft, a computer software company,
saw its shares decline as the downturn in the economy affected technology budgets. News Corporation, a global media company,
was hit with several challenges due to its exposure to the newspaper and television industries, both of which experienced a
decline in advertising revenues.
Analytic Fund
5
OLD MUTUAL ANALYTIC FUND - continued
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Analytic Investors, LLC
Top Ten Holdings*
as of January 31, 2009
U.S. Treasury Bill,
0.417%, 10/22/09 7.3%
___________________________________________________________________________________
Exxon Mobil 4.4%
___________________________________________________________________________________
Microsoft 2.6%
___________________________________________________________________________________
Chevron 2.5%
___________________________________________________________________________________
Pfizer 2.1%
___________________________________________________________________________________
Hewlett-Packard 2.0%
___________________________________________________________________________________
Philip Morris International 1.7%
___________________________________________________________________________________
Intel 1.6%
___________________________________________________________________________________
AT&T 1.5%
___________________________________________________________________________________
General Dynamics 1.5%
___________________________________________________________________________________
As a % of Total
Fund Investments 27.2%
___________________________________________________________________________________
* Excludes short-term money market fund. Top Ten Holdings are all long positions.
Q. What is the investment outlook for the U.S. large-cap stock market?
A. Analytic Investors, LLC ("Analytic"), the Fund's sub-adviser, intends to continue to emphasize stocks with attractive cash flow
to price ratios and attractive historical earnings to price ratios. Analytic also intends to focus on select companies with
above-average profit margins, while de-emphasizing companies with higher-than-average trading volume. Analytic further
anticipates continuing to emphasize companies with above-average interest coverage, while moving away from companies with high
financial leverage and above-average analyst dispersion.
Analytic's process is based on the fundamental belief that there is consistency in the types of characteristics investors
prefer. If this belief holds true going forward, the Fund should benefit from being properly positioned towards stocks with
characteristics favored by investors.
Analytic Fund
6
PERFORMANCE AND PORTFOLIO SUMMARY (UNAUDITED)
Average Annual Total Returns as of January 31, 2009
____________________________________________________________________________________________________________________________________
Annualized Annualized Annualized
Inception 6 Month 1 Year 5 Year 10 Year Inception
Date Return* Return Return Return to Date
____________________________________________________________________________________________________________________________________
Class A with load 03/31/05 (32.30)% (33.62)% n/a n/a (7.83)%
Class A without load 03/31/05 (28.20)% (29.56)% n/a n/a (6.39)%
Class C with load 03/31/05 (29.19)% (30.80)% n/a n/a (7.07)%
Class C without load 03/31/05 (28.47)% (30.10)% n/a n/a (7.07)%
Class Z 07/01/78 (28.14)% (29.44)% (2.21)% 0.60% 8.52% (1)
Institutional Class 12/09/05 (2) (28.09)% (29.33)% n/a n/a (10.24)%
S&P 500 Index 07/01/78 (33.95)% (38.63)% (4.24)% (2.65)% 10.58%
____________________________________________________________________________________________________________________________________
Past performance is not a guarantee of future results. The Fund's performance results do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on the redemption of Fund shares. Information about these performance results and
the comparative index can be found on pages 1 and 2.
Class A shares have a current maximum initial sales charge of 5.75%; Class C shares may be subject to a contingent deferred sales
charge ("CDSC") of 1.00%, if redeemed within twelve months of the date of purchase; and Class A share purchases of $1 million or
more, which were purchased without an initial sales charge, may be subject to a CDSC of 1.00%, if redeemed within twelve months of
the date of purchase. Please read the prospectus carefully for more information on sales charges. The total annual operating
expenses and net annual operating expenses you may pay as an investor in the Fund's Class A, Class C, Class Z and Institutional
Class shares (as reported in the November 19, 2008 prospectus) are 2.13% and 2.06%; 2.85% and 2.81%; 1.86% and 1.81%; and 1.89% and
1.79%, respectively.
On December 9, 2005, Old Mutual Analytic Fund (the "Fund") acquired substantially all the assets and liabilities of the Analytic
Defensive Equity Fund, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). On June 24, 2002, the Predecessor Fund
acquired substantially all of the assets and liabilities of the Analytic Defensive Equity Fund, a series of UAM Funds, Inc. II.
Substantially similar strategies and policies were used to manage each of the funds. The Fund's Class Z shares are the successor
class of the Predecessor Fund's Institutional Class. The Fund's Institutional Class is new.
*Not Annualized
(1) Based on Predecessor Fund's inception date of July 1, 1978. Total return is annualized.
(2) The inception date of this share class represents the date initial seed capital was invested by Old Mutual Capital, Inc. The
effective date this share class was available for sale to shareholders was December 16, 2005.
Fund Performance
____________________________________________________________________________________________________________________________________
[LINE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| | Old Mutual Analytic Fund, Class Z | S&P 500 Index | |
| 07/31/98 | 10,000 | 10,000 | |
| 07/31/99 | 12,470 | 12,020 | |
| 07/31/00 | 12,615 | 13,099 | |
| 07/31/01 | 12,367 | 11,222 | |
| 07/31/02 | 10,851 | 8,570 | |
| 07/31/03 | 11,641 | 9,483 | |
| 07/31/04 | 13,342 | 10,732 | |
| 07/31/05 | 16,409 | 12,240 | |
| 07/31/06 | 17,091 | 12,898 | |
| 07/31/07 | 18,858 | 14,979 | |
| 07/31/08 | 16,508 | 13,318 | |
| 01/31/09 | 11,862 | 8,796 | |
Past performance is not a guarantee of future results. The graph above compares an investment made in the Fund's Class Z shares on
July 31, 1998 to an investment made in an unmanaged securities index on that date. Performance for the Fund's other shares will
vary due to differences in sales charges and expenses. The Fund's performance in this chart and the performance table assumes
reinvestment of dividends and capital gain distributions but does not reflect the deduction of taxes that a shareholder would pay
on Fund distributions or on the redemption of Fund shares.
Asset Class Weightings as of January 31, 2009 - % of Total Fund Investments
____________________________________________________________________________________________________________________________________
[PIE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| Common Stock | 90.2% | |
| Cash Equivalents | 2.5% | |
| U.S. Treasury Obligations | 7.3% | |
7
OLD MUTUAL ANALYTIC FUND - continued
________________________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Common Stock - 100.0% Cable/Satellite TV - continued
Advertising Agencies - 0.2% Time Warner Cable, Cl A* (B) 55,852 $ 1,041
Interpublic Group* 134,328 $ 447 ______________
______________
Total Cable/Satellite TV 4,950
Total Advertising Agencies 447 _____________________________________________________________________
_____________________________________________________________________
Casino Hotels - 0.1%
Aerospace/Defense - 2.5% MGM Mirage* 19,792 158
General Dynamics (B) 76,112 4,318 ______________
Lockheed Martin (B) 23,544 1,932
______________ Total Casino Hotels 158
_____________________________________________________________________
Total Aerospace/Defense 6,250
_____________________________________________________________________ Cellular Telecommunications - 0.9%
Agricultural Chemicals - 0.0% NII Holdings* 27,595 535
Terra Industries 924 19 US Cellular* (B) 38,665 1,622
______________ ______________
Total Agricultural Chemicals 19 Total Cellular Telecommunications 2,157
_____________________________________________________________________ _____________________________________________________________________
Agricultural Operations - 1.3% Chemicals-Diversified - 1.5%
Archer-Daniels-Midland (B) 57,427 1,572 Dow Chemical 27,164 315
Bunge (B) 38,237 1,642 E.I. du Pont de Nemours (B) 152,515 3,502
______________ Rohm and Haas 172 9
______________
Total Agricultural Operations 3,214
_____________________________________________________________________ Total Chemicals-Diversified 3,826
_____________________________________________________________________
Applications Software - 3.0%
Compuware* 27,614 180 Chemicals-Specialty - - 0.7%
Microsoft (B) 430,001 7,353 Ashland (B) 176,368 1,415
______________ Ecolab 11,922 405
______________
Total Applications Software 7,533
_____________________________________________________________________ Total Chemicals-Specialty 1,820
_____________________________________________________________________
Athletic Footwear - 0.6%
Nike, Cl B (B) 35,971 1,628 Coal - 0.1%
______________ Arch Coal 9,191 140
______________
Total Athletic Footwear 1,628
_____________________________________________________________________ Total Coal 140
_____________________________________________________________________
Auto/Truck Parts & Equipment-Original - 0.0%
Federal Mogul* 17,020 98 Commercial Banks-Central US - 0.0%
______________ BOK Financial 2,511 94
______________
Total Auto/Truck Parts & Equipment-Original 98
_____________________________________________________________________ Total Commercial Banks-Central US 94
_____________________________________________________________________
Auto-Cars/Light Trucks - 0.2%
Ford Motor* 314,121 587 Commercial Banks-Western US - 0.0%
______________ Bank of Hawaii 2,519 90
______________
Total Auto-Cars/Light Trucks 587
_____________________________________________________________________ Total Commercial Banks-Western US 90
_____________________________________________________________________
Beverages-Wine/Spirits - 0.8%
Brown-Forman, Cl B (B) 45,523 2,067 Commercial Services - 0.8%
______________ Quanta Services* (B) 84,921 1,816
Ticketmaster Entertainment* 28,292 168
Total Beverages-Wine/Spirits 2,067 ______________
_____________________________________________________________________
Total Commercial Services 1,984
Broadcast Services/Programming - 0.1% _____________________________________________________________________
Liberty Media - Capital, Ser A* 57,990 318
______________ Commercial Services-Finance - 3.0%
H&R Block (B) 140,434 2,911
Total Broadcast Services/Programming 318 Lender Processing Services 28,226 732
_____________________________________________________________________ Visa, Cl A (B) 45,493 2,245
Western Union (B) 118,514 1,619
Building & Construction Products-Miscellaneous - 0.1% ______________
Armstrong World Industries 8,932 148
______________ Total Commercial Services-Finance 7,507
_____________________________________________________________________
Total Building & Construction Products-Miscellaneous 148
_____________________________________________________________________ Computer Services - 1.5%
Accenture, Cl A (B) 72,564 2,290
Cable/Satellite TV - 2.0% Computer Sciences* (B) 38,352 1,413
Cablevision Systems, Cl A 50,171 804 Unisys* 28,080 21
Comcast, Cl A (B) 154,683 2,266 ______________
DISH Network, Cl A* 65,308 839
_____________________________________________________________________ Total Computer Services 3,724
_____________________________________________________________________
8
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Computers - 3.3% Electric-Generation - - 0.1%
Dell* (B) 278,016 $ 2,641 AES* 39,587 $ 313
Hewlett-Packard (B) 159,375 5,538 ______________
International Business Machines 2,714 249
______________ Total Electric-Generation 313
_____________________________________________________________________
Total Computers 8,428
_____________________________________________________________________ Electric-Integrated - 1.3%
Alliant Energy 1,941 56
Computers-Memory Devices - 0.0% Exelon 4,991 271
EMC* 8,397 93 MDU Resources Group 32,538 647
______________ PG&E (B) 52,985 2,049
Xcel Energy 19,206 355
Total Computers-Memory Devices 93 ______________
_____________________________________________________________________
Total Electric-Integrated 3,378
Computers-Peripheral Equipment - 0.2% _____________________________________________________________________
Lexmark International, Cl A* 22,475 532
______________ Electronic Components-Miscellaneous - 1.4%
AVX 27,929 255
Total Computers-Peripheral Equipment 532 Garmin 30,535 535
_____________________________________________________________________ Jabil Circuit 93,359 543
Tyco Electronics (B) 161,048 2,280
Consulting Services - 0.0% ______________
Genpact* 3,878 32
______________ Total Electronic Components-Miscellaneous 3,613
_____________________________________________________________________
Total Consulting Services 32
_____________________________________________________________________ Electronic Components-Semiconductors - 3.2%
Cree* 7,702 154
Containers-Paper/Plastic - 0.0% Intel (B) 341,517 4,406
Temple-Inland 13,082 74 MEMC Electronic Materials* 33,161 451
______________ Texas Instruments (B) 206,181 3,082
______________
Total Containers-Paper/Plastic 74
_____________________________________________________________________ Total Electronic Components-Semiconductors 8,093
_____________________________________________________________________
Cosmetics & Toiletries - 1.8%
Electronic Design Automation - 0.1%
Bare Escentuals* 50,637 184 Synopsys* 12,834 237
Procter & Gamble (B) 77,590 4,229 ______________
______________
Total Electronic Design Automation 237
Total Cosmetics & Toiletries 4,413 _____________________________________________________________________
_____________________________________________________________________
Electronic Forms - 0.2%
Distribution/Wholesale - 0.5% Adobe Systems* 19,000 367
Ingram Micro, Cl A* 61,387 753 ______________
Tech Data* 32,377 586
______________ Total Electronic Forms 367
_____________________________________________________________________
Total Distribution/Wholesale 1,339
_____________________________________________________________________ Electronic Measuring Instruments - 0.2%
Agilent Technologies* 32,870 594
Diversified Banking Institution - 0.6% ______________
Bank of America 56,031 369
JPMorgan Chase (B) 45,160 1,152 Total Electronic Measuring Instruments 594
______________ _____________________________________________________________________
Total Diversified Banking Institution 1,521 Electronic Parts Distribution - 0.3%
_____________________________________________________________________ Avnet* 31,960 633
______________
Diversified Manufacturing Operations - 1.1%
General Electric (B) 124,651 1,512 Total Electronic Parts Distribution 633
Harsco (B) 43,064 1,022 _____________________________________________________________________
Trinity Industries 4,404 51
Tyco International 9,299 195 Engineering/R&D Services - - 3.0%
______________ Aecom Technology* 22,525 570
Fluor (B) 58,403 2,272
Total Diversified Manufacturing Operations 2,780 Jacobs Engineering Group* (B) 46,153 1,785
_____________________________________________________________________ KBR (B) 126,761 1,795
URS* (B) 34,963 1,190
E-Commerce/Services - 0.7% ______________
eBay* (B) 138,793 1,668
Liberty Media - Interactive, Cl A* 33,762 106 Total Engineering/R&D Services 7,612
______________ _____________________________________________________________________
Total E-Commerce/Services 1,774
_____________________________________________________________________
Electric Products-Miscellaneous - 0.7%
Molex (B) 135,153 1,807
______________
Total Electric Products-Miscellaneous 1,807
_____________________________________________________________________
9
OLD MUTUAL ANALYTIC FUND - continued
________________________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Fiduciary Banks - 1.8% Hotels & Motels - 0.4%
Bank of New York Mellon (B) 111,912 $ 2,881 Wyndham Worldwide (B) 171,499 $ 1,051
Northern Trust 5,533 318 ______________
State Street (B) 58,826 1,369
______________ Total Hotels & Motels 1,051
_____________________________________________________________________
Total Fiduciary Banks 4,568
_____________________________________________________________________ Human Resources - 0.1%
Hewitt Associates, Cl A* 5,759 163
Finance-Credit Card - 0.4% ______________
American Express 39,111 654
Discover Financial Services 34,285 245 Total Human Resources 163
______________ _____________________________________________________________________
Total Finance-Credit Card 899 Independent Power Producer - 1.0%
_____________________________________________________________________ Calpine* (B) 170,731 1,265
Mirant* 24,539 421
Finance-Investment Banker/Broker - 0.9% NRG Energy* 3,290 77
Charles Schwab (B) 176,837 2,403 Reliant Energy* 170,640 869
______________ ______________
Total Finance-Investment Banker/Broker 2,403 Total Independent Power Producer 2,632
_____________________________________________________________________ _____________________________________________________________________
Finance-Other Services - 0.7% Investment Management/Advisory Services - 1.4%
NYSE Euronext (B) 83,657 1,840 Blackrock (B) 11,115 1,209
______________ Janus Capital Group 109,918 577
T Rowe Price Group (B) 62,128 1,714
Total Finance-Other Services 1,840 ______________
_____________________________________________________________________
Total Investment Management/Advisory Services 3,500
Food-Dairy Products - 0.1% _____________________________________________________________________
Dean Foods* 12,352 239
______________ Life/Health Insurance - 0.8%
Aflac (B) 63,246 1,468
Total Food-Dairy Products 239 Principal Financial Group 18,948 314
_____________________________________________________________________ Torchmark 11,322 340
______________
Food-Meat Products - 0.7%
Tyson Foods, Cl A (B) 192,706 1,705 Total Life/Health Insurance 2,122
______________ _____________________________________________________________________
Total Food-Meat Products 1,705 Machinery-Farm - 0.3%
_____________________________________________________________________ AGCO* 32,126 684
______________
Food-Miscellaneous/Diversified - 0.4%
Corn Products International 26,763 620 Total Machinery-Farm 684
Sara Lee 50,452 506 _____________________________________________________________________
______________
Medical Products - 2.8%
Total Food-Miscellaneous/Diversified 1,126 Henry Schein* 6,638 248
_____________________________________________________________________ Johnson & Johnson (B) 69,286 3,997
Stryker (B) 64,285 2,715
Food-Wholesale/Distribution - 1.3% Zimmer Holdings* 527 19
SYSCO (B) 146,652 3,269 ______________
______________
Total Medical Products 6,979
Total Food-Wholesale/Distribution 3,269 _____________________________________________________________________
_____________________________________________________________________
Medical-Biomedical/Genetic - - 2.3%
Funeral Services & Related Items - 0.1% Amgen* (B) 27,611 1,514
Service Corp International 80,840 368 Charles River Laboratories* 14,067 343
______________ Genentech* 10,222 830
Gilead Sciences* (B) 38,790 1,969
Total Funeral Services & Related Items 368 Life Technologies* (B) 44,244 1,126
_____________________________________________________________________ ______________
Gas-Distribution - 0.8% Total Medical-Biomedical/Genetic 5,782
Nicor (B) 35,650 1,220 _____________________________________________________________________
NiSource 530 5
Sempra Energy 16,805 737 Medical-Drugs - - 5.2%
______________ Abbott Laboratories (B) 53,404 2,961
Bristol-Myers Squibb 1,640 35
Total Gas-Distribution 1,962 Merck (B) 135,999 3,883
_____________________________________________________________________ Pfizer (B) 407,495 5,941
Sepracor* 23,593 359
Health Care Cost Containment - 1.3% ______________
McKesson (B) 76,369 3,376
______________ Total Medical-Drugs 13,179
_____________________________________________________________________
Total Health Care Cost Containment 3,376
_____________________________________________________________________
Hospital Beds/Equipment - 0.2%
Hill-Rom Holdings 33,054 465
______________
Total Hospital Beds/Equipment 465
_____________________________________________________________________
10
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Medical-HMO - 0.6% Oil Companies-Integrated - 8.4%
Cigna 17,852 $ 310 Chevron (B) 101,554 $ 7,162
Health Net* 12,748 187 ConocoPhillips (B) 36,236 1,722
Humana* (B) 26,870 1,019 Exxon Mobil (B) 161,723 12,369
______________ ______________
Total Medical-HMO 1,516 Total Oil Companies-Integrated 21,253
_____________________________________________________________________ _____________________________________________________________________
Medical-Hospitals - 0.1% Oil Field Machinery & Equipment - 0.1%
Tenet Healthcare* 234,549 251 Dresser-Rand Group* 13,501 263
______________ National Oilwell Varco* 3,421 90
______________
Total Medical-Hospitals 251
_____________________________________________________________________ Total Oil Field Machinery & Equipment 353
_____________________________________________________________________
Medical-Wholesale Drug Distributors - 2.8%
AmerisourceBergen (B) 98,848 3,590 Oil Refining & Marketing - 0.5%
Cardinal Health (B) 93,687 3,527 Sunoco (B) 26,447 1,225
______________ ______________
Total Medical-Wholesale Drug Distributors 7,117 Total Oil Refining & Marketing 1,225
_____________________________________________________________________ _____________________________________________________________________
Metal Processors & Fabricators - 0.6% Oil-Field Services - 2.1%
Commercial Metals 29,949 344 Baker Hughes (B) 55,142 1,837
Timken (B) 79,226 1,180 Halliburton (B) 74,679 1,288
______________ Schlumberger (B) 52,896 2,159
Weatherford International* 547 6
Total Metal Processors & Fabricators 1,524 ______________
_____________________________________________________________________
Total Oil-Field Services 5,290
Miscellaneous Manufacturing - 0.0% _____________________________________________________________________
John Bean Technologies 7,063 69
______________ Paper & Related Products - 0.8%
Rayonier (B) 71,887 2,116
Total Miscellaneous Manufacturing 69 ______________
_____________________________________________________________________
Total Paper & Related Products 2,116
Multi-Line Insurance - 0.3% _____________________________________________________________________
Loews 27,727 677
______________ Pharmacy Services - 1.0%
Medco Health Solutions* (B) 58,532 2,630
Total Multi-Line Insurance 677 ______________
_____________________________________________________________________
Total Pharmacy Services 2,630
Multimedia - 1.8% _____________________________________________________________________
McGraw-Hill 6,603 145
News, Cl A (B) 346,229 2,212 Property/Casualty Insurance - - 0.7%
Time Warner (B) 247,633 2,310 Travelers (B) 48,425 1,871
______________ ______________
Total Multimedia 4,667 Total Property/Casualty Insurance 1,871
_____________________________________________________________________
_____________________________________________________________________
Networking Products - 0.9%
Cisco Systems* (B) 160,558 2,404 REITs-Office Property - 0.4%
______________ Boston Properties 11,030 478
SL Green Realty 30,787 484
Total Networking Products 2,404 ______________
_____________________________________________________________________
Total REITs-Office Property 962
Non-Ferrous Metals - 0.0% _____________________________________________________________________
Titanium Metals 7,791 55
______________ REITs-Storage - - 0.2%
Public Storage 9,167 567
Total Non-Ferrous Metals 55 ______________
_____________________________________________________________________
Total REITs-Storage 567
Non-Hazardous Waste Disposal - 0.2% _____________________________________________________________________
Republic Services (B) 16,397 424
______________ Retail-Apparel/Shoe - - 0.6%
Gap (B) 129,391 1,460
Total Non-Hazardous Waste Disposal 424 ______________
_____________________________________________________________________
Total Retail-Apparel/Shoe 1,460
Oil Companies-Exploration & Production - 0.9% _____________________________________________________________________
Cabot Oil & Gas 26,824 737
Newfield Exploration* 22,635 434 Retail-Bookstore - 0.1%
Occidental Petroleum 12,733 695 Barnes & Noble 7,773 128
Pioneer Natural Resources 32,237 472 ______________
______________
Total Retail-Bookstore 128
Total Oil Companies-Exploration & Production 2,338 _____________________________________________________________________
_____________________________________________________________________
11
OLD MUTUAL ANALYTIC FUND - continued
________________________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Shares/Face
_____________________________________________________________________ Description Amount (000) Value (000)
_____________________________________________________________________
Retail-Consumer Electronics - 0.1%
Best Buy 13,143 $ 368 Tools-Hand Held - 0.1%
______________ Snap-On 7,283 $ 220
______________
Total Retail-Consumer Electronics 368
_____________________________________________________________________ Total Tools-Hand Held 220
_____________________________________________________________________
Retail-Discount - 3.6%
Transport-Rail - - 0.1%
Big Lots* (B) 71,416 961 CSX 11,220 325
BJ's Wholesale Club* 22,386 642 ______________
Costco Wholesale (B) 86,903 3,913
Wal-Mart Stores (B) 77,048 3,631 Total Transport-Rail 325
______________ _____________________________________________________________________
Total Retail-Discount 9,147 Transport-Services - 1.0%
_____________________________________________________________________ CH Robinson Worldwide (B) 29,649 1,363
FedEx (B) 23,819 1,213
Retail-Drug Store - 0.2% UTi Worldwide 1,505 17
CVS Caremark 9,387 252 ______________
Walgreen 5,351 147
______________ Total Transport-Services 2,593
_____________________________________________________________________
Total Retail-Drug Store 399
_____________________________________________________________________ Water Treatment Systems - 0.4%
Nalco Holding (B) 101,685 998
Retail-Mail Order - 0.1% ______________
Williams-Sonoma 17,393 138
______________ Total Water Treatment Systems 998
_____________________________________________________________________
Total Retail-Mail Order 138
_____________________________________________________________________ Web Portals/ISP - 0.2%
Yahoo!* 33,028 387
S&L/Thrifts-Central US - 0.5% ______________
TFS Financial (B) 104,298 1,341
______________ Total Web Portals/ISP 387
_____________________________________________________________________
Total S&L/Thrifts-Central US 1,341
_____________________________________________________________________ Wireless Equipment - 0.8%
Motorola (B) 454,866 2,015
Schools - 0.2% ______________
Career Education* 19,989 436
______________ Total Wireless Equipment 2,015
______________
Total Schools 436
_____________________________________________________________________ Total Common Stock (Cost $302,373) 253,606
_____________________________________________________________________
Super-Regional Banks-US - 3.0%
PNC Financial Services Group (B) 55,352 1,800 Warrants - 0.0%
US Bancorp (B) 143,687 2,132 Raytheon, expires 06/16/11* 528 8
Wells Fargo (B) 190,355 3,598 ______________
______________
Total Warrants (Cost $-) 8
Total Super-Regional Banks-US 7,530 _____________________________________________________________________
_____________________________________________________________________
U.S. Treasury Obligations - 8.1%
Telecommunications Equipment-Fiber Optics - 1.1% United States Treasury Bill
Corning (B) 277,686 2,807 0.417%, 10/22/09 (C) $ 20,610 20,549
______________ ______________
Total Telecommunications Equipment-Fiber Optics 2,807 Total U.S. Treasury Obligations (Cost $20,508) 20,549
_____________________________________________________________________ _____________________________________________________________________
Telecommunications Services - 0.0% Money Market Fund - 2.7%
Clearwire, Cl A* 18,932 76 Dreyfus Cash Management Fund,
______________ Institutional Class, 1.265% (A) 6,860,751 6,861
______________
Total Telecommunications Services 76
_____________________________________________________________________ Total Money Market Fund (Cost $6,861) 6,861
_____________________________________________________________________
Telephone-Integrated - 2.2%
AT&T (B) 176,899 4,355 Total Investments - 110.8% (Cost $329,742) 281,024
Telephone & Data Systems (B) 39,820 1,215 _____________________________________________________________________
______________
Securities Sold Short - (16.5)%
Total Telephone-Integrated 5,570 Aerospace/Defense-Equipment - (0.2)%
_____________________________________________________________________ Alliant Techsystems* (5,866) (474)
______________
Tobacco - 2.2%
Altria Group �� 57,532 952 Total Aerospace/Defense-Equipment (474)
Philip Morris International (B) 126,590 4,703 _____________________________________________________________________
______________
Airlines - - (0.1)%
Total Tobacco 5,655 Copa Holdings, Cl A (7,030) (185)
_____________________________________________________________________ ______________
Total Airlines (185)
_____________________________________________________________________
12
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Applications Software - (0.2)% Consulting Services - (0.6)%
Nuance Communications* (42,164) $ (416) FTI Consulting* (34,727) $ (1,424)
______________ ______________
Total Applications Software (416) Total Consulting Services (1,424)
_____________________________________________________________________ _____________________________________________________________________
Auto-Medium & Heavy Duty Trucks - (0.1)% Consumer Products-Miscellaneous - (0.0)%
Oshkosh (28,781) (208) Jarden* (4,502) (47)
______________ ______________
Total Auto-Medium & Heavy Duty Trucks (208) Total Consumer Products-Miscellaneous (47)
_____________________________________________________________________ _____________________________________________________________________
Batteries/Battery Systems - (0.6)% Decision Support Software - (0.1)%
Energizer Holdings* (31,455) (1,498) MSCI, Cl A* (21,841) (379)
______________ ______________
Total Batteries/Battery Systems (1,498) Total Decision Support Software (379)
_____________________________________________________________________ _____________________________________________________________________
Broadcast Services/Programming - (0.0)% Distribution/Wholesale - (0.2)%
Discovery Communications, Cl C* (4,203) (60) LKQ* (51,722) (597)
______________ ______________
Total Broadcast Services/Programming (60) Total Distribution/Wholesale (597)
_____________________________________________________________________ _____________________________________________________________________
Building & Construction Products-Miscellaneous - (0.3)% Diversified Banking Institution - (0.8)%
Owens Corning* (54,364) (725) Citigroup (98,370) (349)
______________ Goldman Sachs Group (15,066) (1,216)
Morgan Stanley (26,915) (545)
Total Building & Construction Products-Miscellaneous (725) ______________
_____________________________________________________________________
Total Diversified Banking Institution (2,110)
Building Products-Cement/Aggregate - (0.4)% _____________________________________________________________________
Eagle Materials (57,800) (1,045)
______________ E-Commerce/Services - - (0.1)%
priceline.com* (2,266) (152)
Total Building Products-Cement/Aggregate (1,045) ______________
_____________________________________________________________________
Total E-Commerce/Services (152)
Building-Residential/Commercial - (1.1)% _____________________________________________________________________
KB Home (82,791) (883)
MDC Holdings (27,926) (856) Electronic Components-Miscellaneous - - (0.0)%
Toll Brothers* (63,360) (1,078) Vishay Intertechnology* (23,123) (68)
______________ ______________
Total Building-Residential/Commercial (2,817) Total Electronic Components-Miscellaneous (68)
_____________________________________________________________________ _____________________________________________________________________
Coal - (0.2)% Electronic Components-Semiconductors - (0.5)%
Walter Industries (30,576) (564) International Rectifier* (94,143) (1,282)
______________ ______________
Total Coal (564) Total Electronic Components-Semiconductors (1,282)
_____________________________________________________________________ _____________________________________________________________________
Commercial Banks-Central US - (0.2)% Electronic Design Automation - (0.1)%
Marshall & Ilsley (70,238) (401) Cadence Design Systems* (43,656) (165)
______________ ______________
Total Commercial Banks-Central US (401) Total Electronic Design Automation (165)
_____________________________________________________________________ _____________________________________________________________________
Commercial Banks-Eastern US - (0.3)% Electronic Measuring Instruments - (0.1)%
CapitalSource (115,894) (422) Itron* (4,105) (268)
Webster Financial (55,915) (234) ______________
______________
Total Electronic Measuring Instruments (268)
Total Commercial Banks-Eastern US (656) _____________________________________________________________________
_____________________________________________________________________
Finance-Consumer Loans - (0.3)%
Commercial Banks-Southern US - (0.4)% SLM* (76,940) (881)
First Horizon National (63,264) (602) ______________
Regions Financial (151,342) (524)
______________ Total Finance-Consumer Loans (881)
_____________________________________________________________________
Total Commercial Banks-Southern US (1,126)
_____________________________________________________________________ Finance-Investment Banker/Broker - (0.9)%
E*Trade Financial* (135,125) (154)
Commercial Services - (0.2)% Jefferies Group (84,018) (970)
Weight Watchers International (21,969) (501) Lazard, Cl A (44,802) (1,187)
______________ ______________
Total Commercial Services (501) Total Finance-Investment Banker/Broker (2,311)
_____________________________________________________________________ _____________________________________________________________________
13
OLD MUTUAL ANALYTIC FUND - continued
________________________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Finance-Other Services - (0.0)% Oil-Field Services - (0.2)%
MF Global* (46,641) $ (126) Global Industries* (126,031) $ (435)
______________ ______________
Total Finance-Other Services (126) Total Oil-Field Services (435)
_____________________________________________________________________ _____________________________________________________________________
Financial Guarantee Insurance - (0.0)% Property/Casualty Insurance - (0.1)%
MGIC Investment (22,363) (62) OneBeacon Insurance Group (14,996) (127)
______________ ______________
Total Financial Guarantee Insurance (62) Total Property/Casualty Insurance (127)
_____________________________________________________________________ _____________________________________________________________________
Forestry - (0.7)% Publishing-Newspapers - - (0.2)%
Weyerhaeuser (66,912) (1,829) Gannett (95,684) (552)
______________ ______________
Total Forestry (1,829) Total Publishing-Newspapers (552)
_____________________________________________________________________ _____________________________________________________________________
Investment Management/Advisory Services - (0.5)% Reinsurance - (0.0)%
Affiliated Managers Group* (6,509) (262) PartnerRe (1,603) (105)
Legg Mason (53,253) (855) ______________
______________
Total Reinsurance (105)
Total Investment Management/Advisory Services (1,117) _____________________________________________________________________
_____________________________________________________________________
REITs-Apartments - - (0.4)%
Life/Health Insurance - (0.1)% Apartment Investment &
Conseco* (33,947) (79) Management, Cl A (48,750) (433)
Protective Life (15,014) (124) UDR (57,798) (678)
______________ ______________
Total Life/Health Insurance (203) Total REITs-Apartments (1,111)
_____________________________________________________________________ _____________________________________________________________________
Medical-Generic Drugs - (1.4)% REITs-Mortgage - (0.0)%
Mylan* (150,182) (1,702) iStar Financial (15,792) (17)
Perrigo (60,196) (1,767) ______________
______________
Total REITs-Mortgage (17)
Total Medical-Generic Drugs (3,469) _____________________________________________________________________
_____________________________________________________________________
REITs-Office Property - (0.1)%
Medical-Outpatient/Home Medical - (0.1)% Douglas Emmett (13,965) (130)
Lincare Holdings* (14,804) (356) ______________
______________
Total REITs-Office Property (130)
Total Medical-Outpatient/Home Medical (356) _____________________________________________________________________
_____________________________________________________________________
REITs-Regional Malls - (0.2)%
Metal-Aluminum - (0.2)% Taubman Centers (25,279) (502)
Century Aluminum* (120,108) (426) ______________
______________
Total REITs-Regional Malls (502)
Total Metal-Aluminum (426) _____________________________________________________________________
_____________________________________________________________________
Retail-Apparel/Shoe - - (0.0)%
Motion Pictures & Services - (0.0)% AnnTaylor Stores* (14,405) (71)
Ascent Media, Cl A* (2,085) (54) Liz Claiborne (7,235) (16)
______________ ______________
Total Motion Pictures & Services (54) Total Retail-Apparel/Shoe (87)
_____________________________________________________________________ _____________________________________________________________________
Multi-line Insurance - (0.7)% Retail-Auto Parts - (0.5)%
Genworth Financial, Cl A (79,109) (184) Autozone* (8,941) (1,188)
Hartford Financial Services Group (76,493) (1,007) ______________
XL Capital, Cl A (159,302) (462)
______________ Total Retail-Auto Parts (1,188)
_____________________________________________________________________
Total Multi-line Insurance (1,653)
_____________________________________________________________________ Retail-Office Supplies - (0.1)%
OfficeMax (43,551) (240)
Multimedia - (0.1)% ______________
EW Scripps, Cl A (84,847) (137)
______________ Total Retail-Office Supplies (240)
_____________________________________________________________________
Total Multimedia (137)
_____________________________________________________________________ S&L/Thrifts-Western US - (0.0)%
Washington Federal (1,499) (18)
Office Automation & Equipment - (0.9)% ______________
Pitney Bowes (98,663) (2,196)
______________ Total S&L/Thrifts-Western US (18)
_____________________________________________________________________
Total Office Automation & Equipment (2,196)
_____________________________________________________________________ Satellite Telecommunications - (0.0)%
EchoStar, Cl A* (4,738) (71)
______________
Total Satellite Telecommunications (71)
_____________________________________________________________________
14
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Contracts Value (000)
_____________________________________________________________________ _____________________________________________________________________
Semiconductor Components-Integrated Circuits - (0.0)% Written Option Contracts - (5.1)%
Cypress Semiconductor* (14,332) $ (65) ISE CCM Homeland Security Index
______________ February 2009, 100 Call
Strike Price: $65* (607) $ (176)
Total Semiconductor Components-Integrated Circuits (65) ISE U.S. Regular Banks Index
_____________________________________________________________________ February 2009, 100 Call
Strike Price: $17.5* (7,518) (451)
Semiconductor Equipment - (0.3)% ISE SINdex
Lam Research* (10,631) (215) February 2009, 100 Call
Novellus Systems* (44,248) (610) Strike Price: $65* (2,080) (260)
______________ ISE Water Index
February 2009, 100 Call
Total Semiconductor Equipment (825) Strike Price: $57.5* (2,365) (449)
_____________________________________________________________________ KBW Bank Index
February 2009, 100 Call
Super-Regional Banks-US - (0.3)% Strike Price: $32.5* (3,982) (577)
Capital One Financial (11,206) (178) MS Commodity Related Equity Index
Comerica (8,668) (144) February 2009, 100 Call
Keycorp (51,740) (377) Strike Price: $500* (291) (544)
______________ MS Consumer Index
February 2009, 100 Call
Total Super-Regional Banks-US (699) Strike Price: $520* (256) (369)
_____________________________________________________________________ Philadelphia Gold & Silver Index
February 2009, 100 Call
Telecommunications Equipment - (0.2)% Strike Price: $107.5* (503) (971)
ADC Telecommunications* (104,339) (529) Philadelphia Gold & Silver Index
______________ February 2009, 100 Call
Strike Price: $117.5* (992) (1,161)
Total Telecommunications Equipment (529) Philadelphia Housing Index
_____________________________________________________________________ February 2009, 100 Call
Strike Price: $70* (1,748) (996)
Telecommunications Equipment-Fiber Optics - (0.2)% Philadelphia Utility Index
Ciena* (60,624) (378) February 2009, 100 Call
______________ Strike Price: $390* (350) (451)
Russell 2000 Index
Total Telecommunications Equipment-Fiber Optics (378) February 2009, 100 Call
_____________________________________________________________________ Strike Price: $450* (297) (511)
Russell 2000 Index
Television - (0.1)% February 2009, 100 Call
CBS, Cl B (51,831) (297) Strike Price: $440* (298) (671)
______________ S&P 100 Index
February 2009, 100 Call
Total Television (297) Strike Price: $370* (1,891) (5,427)
_____________________________________________________________________ ______________
Textile-Home Furnishings - (0.1)% Total Written Call Option Contracts (13,014)
Mohawk Industries* (8,666) (278) ______________
______________
Total Written Option Contracts
Total Textile-Home Furnishings (278) (Proceeds Received of $(18,785)) (13,014)
_____________________________________________________________________ _____________________________________________________________________
Theaters - (0.2)% �� Other Assets and Liabilities, Net - 10.8% 27,335
Regal Entertainment Group, Cl A (37,278) (374) _____________________________________________________________________
______________
Total Net Assets - 100.0% $ 253,521
Total Theaters (374) _____________________________________________________________________
_____________________________________________________________________
Therapeutics - (0.4)%
BioMarin Pharmaceuticals* (58,637) (1,129)
______________
Total Therapeutics (1,129)
_____________________________________________________________________
Water - (0.0)%
American Water Works (2,579) (55)
______________
Total Water (55)
_____________________________________________________________________
Wireless Equipment - (0.1)%
SBA Communications, Cl A* (12,565) (251)
______________
Total Wireless Equipment (251)
_____________________________________________________________________
X-Ray Equipment - (0.1)%
Hologic* (31,660) (373)
______________
Total X-Ray Equipment (373)
______________
Total Securities Sold Short
(Proceeds Received of $(62,069)) (41,824)
_____________________________________________________________________
15
OLD MUTUAL ANALYTIC FUND - concluded
________________________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
The Fund had the following futures contracts open as of
January 31, 2009:
Unrealized
Contract Appreciation
Contract Number of Value Expiration (Depreciation)
Description Contracts (000) Date (000)
______________________ ___________ _________ __________ ______________
Amsterdam Index 163 $ 10,343 02/20/2009 $ (423)
CAC 40 Index (337) (12,818) 02/20/2009 949
CBOE Index 118 5,309 02/17/2009 (283)
DAX Index 21 2,918 03/20/2009 (464)
DJ Euro STOXX 50 Index 96 2,740 03/20/2009 (251)
Euro Currency Futures 585 144,400 06/15/2009 2,338
Euro Currency Futures 585 144,253 09/14/2009 733
FTSE 100 Index 274 16,296 03/20/2009 (1,863)
Hang Seng Index (60) (5,112) 02/26/2009 (178)
IBEX 35 Index (110) (11,870) 02/20/2009 756
OMXS30 Index 1,613 11,834 02/20/2009 199
SPI 200 Futures 196 10,875 03/19/2009 (88)
S&P/TSE 60 Index 30 2,553 03/19/2009 94
S&P 500 EMINI Index (200) (8,225) 03/20/2009 519
S&P MIB Index 53 6,088 03/20/2009 (379)
TOPIX Index (161) (14,158) 03/12/2009 502
______________
$ 2,161
______________
As of January 31, 2009, the Fund had the following forward foreign
currency contracts outstanding:
Unrealized
Appreciation
Settlement Currency Currency (Depreciation)
Date to Deliver to Receive (000)
___________ ____________________ __________________ ________________
03/18/09 USD (3,326,250) AUD 5,000,000 $ (161)
03/18/09 USD (37,975,965) CAD 45,000,000 (1,270)
03/18/09 USD (11,508,804) CHF 12,000,000 (1,152)
03/18/09 USD (27,073,100) EUR 19,000,000 (2,765)
03/18/09 USD (61,868,590) GBP 41,000,000 (2,497)
03/18/09 USD (52,456,723) JPY 4,800,000,000 1,033
03/18/09 USD (43,429,167) NOK 300,000,000 (177)
03/18/09 USD (48,039,200) NZD 88,000,000 (3,559)
03/18/09 USD (51,295,525) SEK 410,000,000 (2,284)
03/18/09 AUD (19,000,000) USD 13,602,860 1,573
03/18/09 CAD (37,000,000) USD 30,125,387 (55)
03/18/09 CHF (49,000,000) USD 43,913,770 1,624
03/18/09 EUR (50,000,000) USD 66,400,580 2,434
03/18/09 GBP (13,000,000) USD 19,403,410 578
03/18/09 JPY (2,300,000,000) USD 24,884,504 (746)
03/18/09 NOK (200,000,000) USD 28,726,552 (109)
03/18/09 NZD (59,000,000) USD 34,684,010 4,862
03/18/09 SEK (260,000,000) USD 33,542,902 2,462
_________________
$ (209)
_________________
For descriptions of abbreviations and footnotes, please refer to page 60.
The accompanying notes are an integral part of the financial statements.
16
OLD MUTUAL ANALYTIC GLOBAL FUND
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Analytic Investors, LLC
Performance Highlights
o For the six-month period ended January 31, 2009, the Old Mutual Analytic Global Fund (the "Fund") outperformed its benchmark,
the MSCI World Index. The Fund's Class A shares posted a (32.60)% return at net asset value versus a (38.00)% return for the
benchmark.
o Equities held by the Fund outperformed the Index but resulted in negative returns to the Fund during the period. Options
contributed positively to Fund performance during the period as a result of the declining equity market environment. Global
asset allocation had a negative impact on Fund performance during the period, as both equity and currency positions performed
poorly.
o Sectors that contributed positively to the Fund's relative performance included energy, financials and industrials. On the
contrary, healthcare, utilities and materials were detractors from relative performance.
o Short positions in Liberty Global, Elpida Memory (no longer a Fund holding) and Groupe Aeroplan (no longer a Fund holding) were
among the top contributors to relative performance for the period.
o Long positions in Hitachi, Air Products & Chemicals and Anglo American were among the top detractors from relative performance
for the period.
Q. How did the Fund perform relative to its benchmark?
A. For the six-month period ended January 31, 2009, the Old Mutual Analytic Global Fund (the "Fund") outperformed its benchmark,
the MSCI World Index (the "Index"). The Fund's Class A shares posted a (32.60)% return at net asset value versus a (38.00)%
return for the benchmark. Performance for all share classes can be found on page 19.
Q. What investment environment did the Fund face during the past period?
A. Global markets declined during the period. The institution of the new Obama administration failed to restore investor
confidence, both in the U.S. and globally, as widespread job losses and overall economic uncertainty overwhelmed investors. The
U. S. Federal Reserve Board, the European Central Bank and the Bank of Japan all cut interest rates and several governments
introduced stimulus plans during the period, however, housing, employment and consumer confidence levels continued to post
negatively. Also during the period, the French government announced a plan to sell 145 billion Euros worth of notes and bonds
in order to finance their budget deficit and Germany's inflation fell to a five year low.
Q. Which market factors influenced the Fund's relative performance?
A. Despite the challenging environment during the period, the Fund was able to outperform the Index. An emphasis on companies with
above-average earnings quality, measured through cash flow, and attractive earnings to price ratios contributed positively to
performance, while positive tilts toward companies with above-average price momentum and high asset turnover detracted from
performance. Additional positive tilts on companies with above-average book to price ratios and attractive profit margin also
detracted from performance. A de-emphasis on companies with attractive analyst dispersion and companies with high cash flow and
revenue growth contributed positively to performance.
Q. How did portfolio composition affect relative Fund performance?
A. Sectors that contributed positively to the Fund's performance included energy, financials and industrials. On the contrary,
healthcare, utilities and materials were detractors from performance.
Short positions in Liberty Global, Elpida Memory (no longer a Fund holding) and Groupe Aeroplan (no longer a Fund holding) were
among the top contributors for the period. Liberty Global, an international cable system operator, saw annual and fourth
quarter losses due to foreign exchange rates, acquisitions and infrastructure investments. Elpida Memory, a manufacturer of
dynamic random access memory integrated circuits, saw its stock price go down due to declining chip prices causing margins to
shrink. Groupe Aeroplan is an international loyalty management company which owns several air miles programs. The company saw
its share price hurt in the economic downturn.
Long positions in Hitachi, Air Products & Chemicals and Anglo American were among the top detractors for the period. Hitachi, a
Japanese electronics maker, announced that it was being investigated for alleged price fixing of power transformers. Air
Products & Chemicals, a worldwide supplier of industrial gases and equipment, saw its share price fall on weak financial
results and outlook. Anglo American, a diversified mining and natural resource company, saw its share price plummet as it
suspended its dividend and announced layoffs.
Analytic Global Fund
17
OLD MUTUAL ANALYTIC GLOBAL FUND - continued
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Analytic Investors, LLC
Top Ten Holdings*
as of January 31, 2009
United States Treasury Bill,
0.417%, 10/22/09 8.7%
___________________________________________________________________________________
Procter & Gamble 2.4%
___________________________________________________________________________________
Coca-Cola 2.2%
___________________________________________________________________________________
Johnson & Johnson 1.8%
___________________________________________________________________________________
Automatic Data Processing 1.8%
___________________________________________________________________________________
Royal Dutch Shell, Cl A 1.5%
___________________________________________________________________________________
Accenture, Cl A 1.5%
___________________________________________________________________________________
Air Products & Chemicals 1.4%
___________________________________________________________________________________
Stryker 1.3%
___________________________________________________________________________________
Varian Medical Systems 1.3%
___________________________________________________________________________________
As a % of Total
Fund Investments 23.9%
___________________________________________________________________________________
*Top Ten Holdings are all long positions.
Q. What is the investment outlook for the global stock market?
A. Analytic Investors, LLC ("Analytic"), the Fund's sub-adviser, intends to continue to emphasize stocks with above-average
earnings quality and return on assets. Analytic also intends to focus on select companies with above-average earnings revision,
while de-emphasizing companies with higher-than-average debt to equity ratios. Analytic further anticipates continuing to
emphasize companies with above-average revenue and cash flow growth, as well as companies with attractive six-month returns,
moving away from companies with high financial leverage and above-average market growth.
Analytic's process is based on the fundamental belief that there is consistency in the types of characteristics investors
prefer. If this belief holds true going forward, the Fund should benefit from being properly positioned towards stocks with
characteristics favored by investors.
Analytic Global Fund
18
PERFORMANCE AND PORTFOLIO SUMMARY (UNAUDITED)
Average Annual Total Returns as of January 31, 2009
____________________________________________________________________________________________________________________________________
Annualized
Inception 6 Month 1 Year Inception
Date Return* Return to Date
____________________________________________________________________________________________________________________________________
Class A with load 05/31/06 (36.46)% (37.67)% (16.70)%
Class A without load 05/31/06 (32.60)% (33.89)% (14.83)%
Class C with load 05/31/06 (33.53)% (35.03)% (15.53)%
Class C without load 05/31/06 (32.85)% (34.38)% (15.53)%
Class Z 05/31/06 (32.53)% (33.68)% (14.65)%
Institutional Class 05/31/06 (32.53)% (33.59)% (14.47)%
MSCI World Index 05/31/06 (38.00)% (41.43)% (14.04)%
____________________________________________________________________________________________________________________________________
Past performance is not a guarantee of future results. The Fund's performance results do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on the redemption of Fund shares. Information about these performance results and the
comparative index can be found on pages 1 and 2.
*Not Annualized
Class A shares have a current maximum initial sales charge of 5.75%; Class C shares may be subject to a contingent deferred sales
charge ("CDSC") of 1.00%, if redeemed within twelve months of the date of purchase; and Class A share purchases of $1 million or
more, which were purchased without an initial sales charge, may be subject to a CDSC of 1.00%, if redeemed within twelve months of
the date of purchase. Please read the prospectus carefully for more information on sales charges. The total annual operating
expenses and net annual operating expenses you may pay as an investor in the Fund's Class A, Class C, Class Z and Institutional
Class shares (as reported in the November 19, 2008 prospectus) are 2.96% and 2.41%; 3.74% and 3.19%; 6.98% and 2.22%; and 3.18% and
1.91%, respectively.
Fund Performance
____________________________________________________________________________________________________________________________________
[LINE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| | Old Mutual Analytic Global Fund, Class A | Old Mutual Analytic Global Fund, Class C | Old Mutual Analytic Global Fund, Class Z | Old Mutual Analytic Global Fund, Institutional Class | MSCI World Index | |
| 5/31/06 | 9,425 | 10,000 | 10,000 | 10,000 | 10,000 | |
| 7/31/06 | 9,472 | 10,030 | 10,040 | 10,050 | 10,059 | |
| 7/31/07 | 10,729 | 11,264 | 11,397 | 11,436 | 12,081 | |
| 7/31/08 | 9,107 | 9,489 | 9,707 | 9,761 | 10,766 | |
| 1/31/09 | 6,139 | 6,371 | 6,549 | 6,586 | 6,675 | |
Past performance is not a guarantee of future results. The graph above compares an investment made in each of the Fund's share
classes on the inception date of 5/31/06 to an investment made in an unmanaged securities index on that date. The performance of the
Fund's Class A shares shown in the line graph takes into account the maximum initial sales charge. The Fund's performance in this
chart and the performance table assumes reinvestment of dividends and capital gain distributions but does not reflect the deduction
of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.
Asset Class Weightings as of January 31, 2009 - % of Total Fund Investments
____________________________________________________________________________________________________________________________________
[PIE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| Common Stock | 40.9% | |
| Foreign Preferred Stock | 0.8% | |
| Foreign Common Stock | 49.6% | |
| U.S. Treasury Obligations | 8.7% | |
19
OLD MUTUAL ANALYTIC GLOBAL FUND - continued
____________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Common Stock - 48.3% Entertainment Software - 1.0%
Aerospace/Defense - 2.4% Activision Blizzard* 8,400 $ 74
General Dynamics 1,200 $ 68 ______________
Raytheon 2,244 114
______________ Total Entertainment Software 74
_____________________________________________________________________
Total Aerospace/Defense 182
_____________________________________________________________________ Finance-Other Services - 0.9%
CME Group 400 70
Beverages-Non-Alcoholic - 2.7% ______________
Coca-Cola 4,800 205
______________ Total Finance-Other Services 70
_____________________________________________________________________
Total Beverages-Non-Alcoholic 205
_____________________________________________________________________ Food-Wholesale/Distribution - 0.4%
SYSCO 1,500 33
Chemicals-Specialty - 0.8% ______________
Ecolab 1,700 58
______________ Total Food-Wholesale/Distribution 33
_____________________________________________________________________
Total Chemicals-Specialty 58
_____________________________________________________________________ Industrial Gases - 1.7%
Air Products & Chemicals 2,600 131
Commercial Services-Finance - 4.4% ______________
Automatic Data Processing 4,400 160
MasterCard, Cl A 600 82 Total Industrial Gases 131
Moody's 4,600 99 _____________________________________________________________________
______________
Investment Management/Advisory Services - 1.4%
Total Commercial Services-Finance 341 T Rowe Price Group 4,000 110
_____________________________________________________________________ ______________
Computer Services - 1.7% Total Investment Management/Advisory Services 110
Accenture, Cl A 4,200 133 _____________________________________________________________________
______________
Life/Health Insurance - 0.6%
Total Computer Services 133 Aflac 2,100 49
_____________________________________________________________________ ______________
Computers - 1.1% Total Life/Health Insurance 49
Apple* 900 81 _____________________________________________________________________
______________
Medical Products - 6.5%
Total Computers 81 Johnson & Johnson 2,800 162
_____________________________________________________________________ Stryker 2,900 123
Varian Medical Systems* 3,200 119
Consumer Products-Miscellaneous - 0.5% Zimmer Holdings* 2,700 98
Clorox 800 40 ______________
______________
Total Medical Products 502
Total Consumer Products-Miscellaneous 40 _____________________________________________________________________
_____________________________________________________________________
Medical-Biomedical/Genetic - - 0.7%
Cosmetics & Toiletries - 2.9% Life Technologies* 2,169 55
Procter & Gamble 4,100 223 ______________
______________
Total Medical-Biomedical/Genetic 55
Total Cosmetics & Toiletries 223 _____________________________________________________________________
_____________________________________________________________________
Multimedia - - 1.4%
Diversified Manufacturing Operations - 0.7% Walt Disney 5,200 108
SPX 1,200 51 ______________
______________
Total Multimedia 108
Total Diversified Manufacturing Operations 51 _____________________________________________________________________
_____________________________________________________________________
Networking Products - 0.3%
Electronic Components-Semiconductors - 1.0% Cisco Systems* 1,400 21
Intel 6,300 81 ______________
______________
Total Networking Products 21
Total Electronic Components-Semiconductors 81 _____________________________________________________________________
_____________________________________________________________________
Oil Companies-Exploration & Production - 1.2%
Electronic Measuring Instruments - 0.2% Anadarko Petroleum 2,600 96
Agilent Technologies* 700 13 ______________
______________
Total Oil Companies-Exploration & Production 96
Total Electronic Measuring Instruments 13 _____________________________________________________________________
_____________________________________________________________________
Oil Companies-Integrated - 0.7%
Engineering/R&D Services - 0.1% Exxon Mobil 700 54
Foster Wheeler* 500 10 ______________
______________
Total Oil Companies-Integrated 54
Total Engineering/R&D Services 10 _____________________________________________________________________
_____________________________________________________________________
20
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Oil Field Machinery & Equipment - 1.0% Tobacco - 0.2%
FMC Technologies* 2,700 $ 80 Altria Group 1,000 $ 17
______________ ______________
Total Oil Field Machinery & Equipment 80 Total Tobacco 17
_____________________________________________________________________ _____________________________________________________________________
Oil Refining & Marketing - 1.3% Transport-Rail - 1.1%
Sunoco 2,200 102 Union Pacific 2,000 88
______________ ______________
Total Oil Refining & Marketing 102 Total Transport-Rail 88
_____________________________________________________________________ ______________
Pharmacy Services - 1.3% Total Common Stock (Cost $4,549) 3,727
Express Scripts* 1,900 102 _____________________________________________________________________
______________
Foreign Common Stock - 58.5%
Total Pharmacy Services 102 Australia - 4.3%
_____________________________________________________________________ BlueScope Steel (B) 15,134 33
CSL (B) 3,996 94
Pipelines - 0.5% Orica (B) 7,498 63
Williams 2,500 35 Rio Tinto (B) 1,824 47
______________ Telstra (B) 19,165 46
WorleyParsons 5,638 53
Total Pipelines 35 ______________
_____________________________________________________________________
Total Australia 336
Property/Casualty Insurance - 0.3% _____________________________________________________________________
Progressive* 2,000 24
______________ Austria - - 0.8%
Verbund, Cl A (B) 1,579 60
Total Property/Casualty Insurance 24 ______________
_____________________________________________________________________
Total Austria 60
Reinsurance - 1.2% _____________________________________________________________________
Berkshire Hathaway, Cl B* 30 90
______________ Canada - - 5.9%
BCE (B) 2,000 41
Total Reinsurance 90 Bombardier, Cl B 10,800 33
_____________________________________________________________________ Canadian National Railway 1,500 53
Celestica* 7,100 31
REITs-Shopping Centers - 0.2% EnCana 1,800 80
Developers Diversified Realty 3,900 19 Ensign Energy Services 1,500 13
______________ Imperial Oil 1,200 38
Potash Corp of Saskatchewan 800 60
Total REITs-Shopping Centers 19 Research In Motion* (B) 800 44
_____________________________________________________________________ Talisman Energy 3,100 29
Teck Cominco, Cl B 7,800 30
REITs-Storage - 1.0% ______________
Public Storage 1,300 80
______________ Total Canada 452
_____________________________________________________________________
Total REITs-Storage 80
_____________________________________________________________________ Denmark - 1.1%
Novo Nordisk, Cl B (B) 625 33
Retail-Apparel/Shoe - 0.9% Vestas Wind Systems* (B) 1,059 51
Gap 6,300 71 ______________
______________
Total Denmark 84
Total Retail-Apparel/Shoe 71 _____________________________________________________________________
_____________________________________________________________________
Finland - - 1.0%
Retail-Building Products - 2.2% Fortum Oyj (B) 4,020 78
Home Depot 4,500 97 ______________
Lowe's 4,000 73
______________ Total Finland 78
_____________________________________________________________________
Total Retail-Building Products 170
_____________________________________________________________________ France - 4.4%
GDF Suez (B) 2,480 95
S&L/Thrifts-Central US - 1.2% Hermes International (B) 599 60
TFS Financial 7,400 95 L'Oreal 1,280 85
______________ PagesJaunes (B) 8,340 73
Technip (B) 874 27
Total S&L/Thrifts-Central US 95 ______________
_____________________________________________________________________
Total France 340
S&L/Thrifts-Eastern US - 0.2% _____________________________________________________________________
New York Community Bancorp 1,100 15
______________
Total S&L/Thrifts-Eastern US 15
_____________________________________________________________________
Semiconductor Components-Integrated Circuits - 0.4%
Linear Technology 1,200 28
______________
Total Semiconductor
Components-Integrated Circuits 28
_____________________________________________________________________
21
OLD MUTUAL ANALYTIC GLOBAL FUND - continued
____________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Shares/Face
Description Shares Value (000) Description Amount (000) Value (000)
_____________________________________________________________________ _____________________________________________________________________
Germany - 3.2% Portugal - - 1.0%
Henkel (B) 2,808 $ 66 Galp Energia SGPS, Cl B (B) 7,678 $ 81
SAP (B) 3,338 118 ______________
Wacker Chemie (B) 863 62
______________ Total Portugal 81
_____________________________________________________________________
Total Germany 246
_____________________________________________________________________ Singapore - 2.1%
CapitaLand (B) 32,000 50
Hong Kong - 4.3% SembCorp Industries (B) 10,000 15
Cheung Kong Infrastructure Holdings (B) 25,000 93 SingTel (B) 55,000 96
Henderson Land Development (B) 24,000 92 ______________
Hutchison Telecommunications
International (B) 345,000 86 Total Singapore 161
Hysan Development (B) 7,000 11 _____________________________________________________________________
Sino Land (B) 52,000 50
______________ Spain - - 0.5%
Repsol YPF (B) 2,203 39
Total Hong Kong 332 ______________
_____________________________________________________________________
Total Spain 39
Italy - 1.0% _____________________________________________________________________
Banca Carige (B) 33,067 76
______________ Sweden - - 0.4%
Modern Times Group AB, Cl B (B) 1,689 29
Total Italy 76 ______________
_____________________________________________________________________
Total Sweden 29
Japan - 18.8% _____________________________________________________________________
77 Bank (B) 12,000 60
Aioi Insurance (B) 15,000 73 Switzerland - 2.4%
Bank of Kyoto (B) 6,000 63 ABB (B) 7,908 103
FamilyMart (B) 1,300 48 Schindler Holding (B) 1,900 85
Fast Retailing (B) 500 63 ______________
Fuji Heavy Industries (B) 16,000 46
Hitachi (B) 21,000 64 Total Switzerland 188
Iyo Bank (B) 3,000 35 _____________________________________________________________________
Japan Steel Works (B) 4,000 43
Joyo Bank (B) 15,000 81 United Kingdom - 3.9%
Mitsubishi Heavy Industries (B) 18,000 68 Anglo American (B) 3,300 59
Mitsubishi Logistics (B) 2,000 20 BP (B) 1,771 13
Nintendo (B) 200 62 Intercontinental Hotels Group (B) 5,411 41
Nippon Meat Packers (B) 3,000 38 Lloyds Banking Group (B) 6,640 9
NTT DoCoMo (B) 47 82 Man Group (B) 16,275 48
Sankyo (B) 1,400 67 Reckitt Benckiser Group (B) 414 16
Shiseido (B) 4,000 67 Vodafone Group (B) 63,559 118
Sompo Japan Insurance (B) 10,000 62 ______________
Suruga Bank (B) 3,000 26
T&D Holdings (B) 1,400 45 Total United Kingdom 304
Taisho Pharmaceutical (B) 5,000 102 ______________
Takeda Pharmaceutical (B) 1,800 84
Tokio Marine Holdings (B) 2,400 64 Total Foreign Common Stock (Cost $5,813) 4,528
Tokyo Electric Power (B) 1,100 34 _____________________________________________________________________
Toyo Seikan Kaisha (B) 3,700 55
______________ Foreign Preferred Stock - 0.9%
Italy - - 0.9%
Total Japan 1,452 Unipol Gruppo Finanziario (B) 66,375 69
_____________________________________________________________________ ______________
Netherlands - 3.4% Total Italy 69
Philips Electronics (B) 4,333 79 ______________
Royal Dutch Shell, Cl A (B) 5,415 135
TNT (B) 2,673 46 Total Foreign Preferred Stock (Cost $123) 69
______________ _____________________________________________________________________
Total Netherlands 260 U.S. Treasury Obligations - 10.3%
_____________________________________________________________________ United States Treasury Bill
0.417%, 10/22/09 (C) $ 795 793
______________
Total U.S. Treasury Obligations (Cost $791) 793
_____________________________________________________________________
Total Investments - 118.0% (Cost $11,276) 9,117
_____________________________________________________________________
Securities Sold Short - (9.9)%
Beverages-Wine/Spirits - - (0.2)%
Constellation Brands, Cl A* (1,300) (19)
______________
Total Beverages-Wine/Spirits (19)
_____________________________________________________________________
22
_____________________________________________________________________ _____________________________________________________________________
Shares/
Description Shares Value (000) Description Contracts Value (000)
_____________________________________________________________________ _____________________________________________________________________
Broadcast Services/Programming - (1.3)% Canada - (1.0)%
Liberty Global, Cl A* (7,100) $ (103) Niko Resources (1,000) $ (41)
______________ Yamana Gold (4,300) (35)
______________
Total Broadcast Services/Programming (103)
_____________________________________________________________________ Total Canada (76)
_____________________________________________________________________
Cellular Telecommunications - (0.6)%
MetroPCS Communications* (3,700) (50) Denmark - (0.4)%
______________ Topdanmark* (261) (31)
______________
Total Cellular Telecommunications (50)
_____________________________________________________________________ Total Denmark (31)
_____________________________________________________________________
Computers-Memory Devices - (0.2)%
SanDisk* (1,300) (15) Japan - - (2.3)%
______________ Aisin Seiki (1,200) (16)
NGK Spark Plug (9,000) (69)
Total Computers-Memory Devices (15) NTN (13,000) (35)
_____________________________________________________________________ Sumco (4,100) (53)
______________
Gold Mining - (0.9)%
Newmont Mining (1,800) (72) Total Japan (173)
______________ _____________________________________________________________________
Total Gold Mining (72) Switzerland - - (1.5)%
_____________________________________________________________________ Givaudan (174) (118)
______________
Medical-Biomedical/Genetic - (1.9)%
Amylin Pharmaceuticals* (5,600) (65) Total Switzerland (118)
Illumina* (2,900) (79) _____________________________________________________________________
______________
United Kingdom - (1.8)%
Total Medical-Biomedical/Genetic (144) 3i Group (15,432) (51)
_____________________________________________________________________ Shire (6,073) (89)
______________
Medical-Drugs - (1.8)%
Cephalon* (1,500) (116) Total United Kingdom (140)
Schering-Plough (1,100) (19) ______________
______________
Total Foreign Securities Sold Short
Total Medical-Drugs (135) (Proceeds Received of $(804)) (599)
_____________________________________________________________________ _____________________________________________________________________
Real Estate Operation/Development - (0.6)% Written Option Contracts - (4.4)%
Forest City Enterprises, Cl A (7,000) (47) Amex Oil Index
______________ February 2009, 100 Call
Strike Price: $930* (5) (23)
Total Real Estate Operation/Development (47) ISE Integrated Oil & Gas Index
_____________________________________________________________________ February 2009, 100 Call
Strike Price: $195* (26) (26)
REITs-Mortgage - (1.0)% ISE U.S. Regular Banks Index
Annaly Capital Management (5,100) (77) February 2009, 100 Call
______________ Strike Price: $17.5* (283) (17)
ISE SINdex
Total REITs-Mortgage (77) February 2009, 100 Call
_____________________________________________________________________ Strike Price: $65* (78) (10)
KBW Bank Index
Semiconductor Equipment - (1.2)% February 2009, 100 Call
Lam Research* (4,400) (89) Strike Price: $32.5* (150) (22)
______________ MS Commodity Related Equity Index
February 2009, 100 Call
Total Semiconductor Equipment (89) Strike Price: $500* (11) (21)
_____________________________________________________________________ MS Consumer Index
February 2009, 100 Call
X-Ray Equipment - (0.2)% Strike Price: $520* (10) (14)
Hologic* (1,100) (13) _____________________________________________________________________
______________
Total X-Ray Equipment (13)
______________
Total Securities Sold Short
(Proceeds Received of $(904)) (764)
_____________________________________________________________________
Foreign Securities Sold Short - (7.8)%
Australia - (0.8)%
Macquarie Airports (42,876) (61)
______________
Total Australia (61)
_____________________________________________________________________
23
OLD MUTUAL ANALYTIC GLOBAL FUND - concluded
____________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________
The Fund had the following futures contracts open as of
January 31, 2009:
Description Contracts Value (000)
_____________________________________________________________________
Unrealized
Written Option Contracts - continued Contract Appreciation
Philadelphia Gold & Silver Index Contract Number of Value Expiration (Depreciation)
February 2009, 100 Call Description Contracts (000) Date (000)
Strike Price: $112.5* (51) $ (77) _________________ ___________ _________ __________ ______________
Russell 2000 Index
February 2009, 100 Call Amsterdam Index 5 $ 317 02/20/09 $(13)
Strike Price: $460* (11) (14) Australian Dollar
S&P 100 Index Currency Future 3 190 03/16/09 (6)
February 2009, 100 Call British Pound
Strike Price $400* (96) (100) Currency Future 16 1,444 03/16/09 (3)
S&P 500 Index CAC 40 Index (12) (456) 02/20/09 34
February 2009, 100 Call Canadian Dollar
Strike Price: $850* (8) (16) Currency Futures 14 1,139 03/17/09 (14)
______________ CBOE Index 5 225 02/17/09 (14)
Total Written Option Contracts DJ Euro STOXX 50 Index 3 86 03/20/09 (7)
(Proceeds Received of $(510)) (340) Euro Currency Futures (8) (1,278) 03/16/09 10
_____________________________________________________________________ Euro Currency Futures 22 5,431 06/15/09 88
Euro Currency Futures 22 5,425 09/14/09 23
Other Assets and Liabilities, Net - 4.0% 311 FTSE 100 Index 11 654 03/20/09 (76)
_____________________________________________________________________ Hang Seng Index (1) (85) 02/26/09 (3)
IBEX 35 Index (3) (324) 02/20/09 21
Total Net Assets - 100.0% $ 7,725 Japanese Yen
_____________________________________________________________________ Currency Futures 5 696 03/16/09 15
OMXS30 Index 71 521 02/20/09 9
S&P/TSE 60 Index 2 170 03/19/09 6
S&P 500 EMINI Index (6) (247) 03/20/09 16
SPI 200 Futures 7 388 03/19/09 (3)
Swiss Franc
Currency Futures (6) (645) 03/16/09 (4)
TOPIX Index (6) (528) 03/12/09 19
______________
$98
______________
For descriptions of abbreviations and footnotes, please refer
to page 60.
The accompanying notes are an integral part of the financial statements.
24
OLD MUTUAL CLAY FINLAY CHINA FUND
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Clay Finlay LLC
Performance Highlights
o For the six-month period ended January 31, 2009, the Old Mutual Clay Finlay China Fund (the "Fund") outperformed its benchmark,
the MSCI China Index. The Fund's Class A shares posted a (34.11)% return at net asset value versus a (40.18)% return for the
benchmark.
o Sectors that contributed positively to the Fund's relative performance included consumer staples, industrials and materials. On
the contrary, consumer discretionary, financials and telecommunications services were detractors from relative performance.
o Hengan International Group, AMVIG Holdings and China South Locomotive and Rolling Stock were among the top contributors to
relative performance for the period.
o Industrial & Commercial Bank of China, China Petroleum and Chemical and China Mobile were among the top detractors from
relative performance for the period.
Q. How did the Fund perform relative to its benchmark?
A. For the six-month period ended January 31, 2009, the Old Mutual Clay Finlay China Fund (the "Fund") outperformed its benchmark,
the MSCI China Index. The Fund's Class A shares posted a (34.11)% return at net asset value versus a (40.18)% return for the
benchmark. Performance for all share classes can be found on page 27.
Q. What investment environment did the Fund face during the past period?
A. News from China was a mix of both positive and negative. On the negative side, signs of an economic slowdown began to emerge.
Exports, especially from the coastal southern provinces, felt the impact of an economic slowdown in the U.S. and Europe. Power
output and electricity consumption contracted and the consumer price index and industrial profit growth slowed. At the same
time, there was positive news. Retail sales and fixed asset investments rose and the banking sector showed little exposure to
U.S. mortgage-backed securities. The largest banks' balance sheets were healthy and liquid. In reaction to the mixed news, the
Beijing government slashed interest rates aggressively at the end of November and adopted a stimulus package to support growth,
especially through large infrastructure investment spending. At the same time, the government began relaxing its restrictive
policies towards bank lending and property development.
Q. Which market factors influenced the Fund's relative performance?
A. The Fund was negatively impacted by the extreme volatility and changing focus of the market. Adjusting the Fund's structure in
the face of declining visibility on growth and earnings was a challenge during the period. Clay Finlay LLC ("Clay Finlay"), the
Fund's sub-adviser, reduced the Fund's exposure to cyclical stocks and made a shift towards more defensive stocks, thus
positively impacting the Fund. Maintaining a relatively high level of cash also impacted the Fund positively.
Q. How did portfolio composition affect relative Fund performance?
A. Sectors that contributed positively to the Fund's performance included consumer staples, industrials and materials. On the
contrary, consumer discretionary, financials and telecommunications services were detractors from performance.
Hengan International Group, AMVIG Holdings and China South Locomotive and Rolling Stock were among the top contributors for the
period. Hengan International Group is one of the leading manufacturers of paper hygiene products in China. Its profit margin
improved following a steep fall in pulp prices. AMVIG Holdings is a cigarette pack printer which has grown quickly. It remains
a defensive business and is largely immune to the global economic downturn. China South Locomotive and Rolling Stock is a
manufacturer of locomotives, passenger carriers and speed trains. It is one of the major beneficiaries of the government's
stimulus package, which is focused on massive infrastructure spending to expand and modernize China's railway network.
Industrial & Commercial Bank of China ("ICBC"), China Petroleum and Chemical and China Mobile were among the top detractors for
the period. ICBC, the largest bank in China, was hit by market anticipations of rising non-performing loans in the economic
slowdown and shrinking net interest margin while interest rates were cut several times by the Central Bank. China Petroleum and
Chemical suffered from deteriorating conditions within the broader chemical industry, while improved refining margins related
to the falling price of crude oil were ignored by investors. China Mobile, a mobile telecom operator, lost momentum during the
period as investors feared that the demand slowdown would take its toll on future subscriber growth.
Clay Finlay China Fund
25
OLD MUTUAL CLAY FINLAY CHINA FUND - continued
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Clay Finlay LLC
Top Ten Holdings
as of January 31, 2009
China Mobile 14.1%
___________________________________________________________________________________
Hengan International Group 7.3%
___________________________________________________________________________________
Industrial & Commercial
Bank of China, Cl H 6.1%
___________________________________________________________________________________
China Life Insurance, Cl H 5.8%
___________________________________________________________________________________
China Construction Bank, Cl H 4.7%
___________________________________________________________________________________
Shanghai Industrial Holdings 4.7%
___________________________________________________________________________________
Cafe de Coral Holdings 4.2%
___________________________________________________________________________________
China Petroleum &
Chemical, Cl H 3.9%
___________________________________________________________________________________
China Everbright International 3.7%
___________________________________________________________________________________
China Shenhua Energy, Cl H 3.2%
___________________________________________________________________________________
As a % of Total
Fund Investments 57.7%
___________________________________________________________________________________
Q. What is the investment outlook for the Chinese market?
A. Clay Finlay has a cautious view on Chinese equities for the first half of 2009, but anticipates improvements in the second
half of the year. Clay Finlay believes the first half of the year may be dominated by weak macro economic data announcements,
disappointing earnings downgrades and profit warnings that may drive the market even lower. Clay Finlay believes the second
half of the year should see the first concrete impact of the government stimulus package on the domestic economy, and an
improvement in both macro numbers and corporate news. Clay Finlay believes that the Fund's defensive tilt will insulate it from
difficulties in the first half of 2009. Nonetheless, Clay Finlay anticipates an economic rebound and stronger earnings growth
prospects by the end of the first quarter of 2009, and would expect to shift to a more aggressive and cyclical positioning at
that time.
Clay Finlay China Fund
26
PERFORMANCE AND PORTFOLIO SUMMARY (UNAUDITED)
Average Annual Total Returns as of January 31, 2009
____________________________________________________________________________________________________________________________________
Annualized
Inception 6 Month 1 Year Inception
Date Return* Return to Date
____________________________________________________________________________________________________________________________________
Class A with load 12/30/05 (37.89)% (43.66)% 6.91%
Class A without load 12/30/05 (34.11)% (40.24)% 8.98%
Class C with load 12/30/05 (35.01)% (41.27)% 8.26%
Class C without load 12/30/05 (34.35)% (40.68)% 8.26%
Class Z 12/30/05 (34.06)% (40.10)% 9.29%
Institutional Class 12/30/05 (33.89)% (39.87)% 9.64%
MSCI China Index 12/30/05 (40.18)% (42.52)% 10.75%
____________________________________________________________________________________________________________________________________
Past performance is not a guarantee of future results. The Fund's performance results do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on the redemption of Fund shares. Information about these performance results and the
comparative indexes can be found on pages 1 and 2.
*Not Annualized
Class A shares have a current maximum initial sales charge of 5.75%; Class C shares may be subject to a contingent deferred sales
charge ("CDSC") of 1.00%, if redeemed within twelve months of the date of purchase; and Class A share purchases of $1 million or
more, which were purchased without an initial sales charge, may be subject to a CDSC of 1.00%, if redeemed within twelve months of
the date of purchase. Please read the prospectus carefully for more information on sales charges. The total annual operating
expenses and net annual operating expenses you may pay as an investor in the Fund's Class A, Class C, Class Z and Institutional
Class shares (as reported in the November 19, 2008 prospectus) are 2.34% and 1.95%; 3.15% and 2.70%; 2.55% and 1.70%; and 1.76% and
1.40%, respectively.
Fund Performance
____________________________________________________________________________________________________________________________________
[LINE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| | Old Mutual Clay Finlay China Fund, Class A | Old Mutual Clay Finlay China Fund, Class C | Old Mutual Clay Finlay China Fund, Class Z | Old Mutual Clay Finlay China Fund, Institutional Class | MSCI China Index | |
| 12/30/05 | 9,425 | 10,000 | 10,000 | 10,000 | 10,000 | |
| 7/31/06 | 12,469 | 13,180 | 13,250 | 13,270 | 12,699 | |
| 7/31/07 | 21,673 | 22,758 | 23,103 | 23,211 | 24,537 | |
| 7/31/08 | 18,657 | 19,461 | 19,950 | 20,099 | 22,912 | |
| 1/31/09 | 12,292 | 12,776 | 13,156 | 13,287 | 13,707 | |
Past performance is not a guarantee of future results. The graph above compares an investment made in each of the Fund's share
classes on the inception date of 12/30/05 to an investment made in an unmanaged securities index on that date. The performance of
the Fund's Class A shares shown in the line graph takes into account the maximum initial sales charge. The Fund's performance in
this chart and the performance table assumes reinvestment of dividends and capital gain distributions but does not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.
Asset Class Weightings as of January 31, 2009 - % of Total Fund Investments
____________________________________________________________________________________________________________________________________
[PIE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| Foreign Common Stock | 99.2% | |
| Cash Equivalents | 0.8% | |
27
OLD MUTUAL CLAY FINLAY CHINA FUND - concluded
________________________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Common Stock - 95.8% Investment Companies - 1.9%
Building Products-Cement/Aggregate - 1.5% Cheung Kong Infrastructure Holdings 117,000 $ 437
Anhui Conch Cement, Cl H* 74,000 $ 355 ______________
______________
Total Investment Companies 437
Total Building Products-Cement/Aggregate 355 _____________________________________________________________________
_____________________________________________________________________
Life/Health Insurance - 5.6%
Building-Heavy Construction - 3.0% China Life Insurance, Cl H 499,000 1,313
China Railway Construction, Cl H* 514,000 703 ______________
______________
Total Life/Health Insurance 1,313
Total Building-Heavy Construction 703 _____________________________________________________________________
_____________________________________________________________________
Multi-line Insurance - 2.5%
Cellular Telecommunications - 15.4% Ping An Insurance Group, Cl H 137,500 596
China Mobile 354,000 3,187 ______________
China Unicom 456,000 421
______________ Total Multi-line Insurance 596
_____________________________________________________________________
Total Cellular Telecommunications 3,608
_____________________________________________________________________ Oil Companies-Exploration & Production - 2.0%
CNOOC 549,000 472
Chemicals-Specialty - 2.5% ______________
Huabao International Holdings 925,000 592
______________ Total Oil Companies-Exploration & Production 472
_____________________________________________________________________
Total Chemicals-Specialty 592
_____________________________________________________________________ Oil Companies-Integrated - 5.1%
China Petroleum & Chemical, Cl H 1,626,000 877
Coal - 3.1% PetroChina, Cl H 422,000 311
China Shenhua Energy, Cl H 339,500 724 ______________
______________
Total Oil Companies-Integrated 1,188
Total Coal 724 _____________________________________________________________________
_____________________________________________________________________
Oil-Field Services - 1.0%
Commercial Banks Non-US - 11.1% China Oilfield Services, Cl H 309,000 243
Bank of China, Cl H 574,000 150 ______________
China Construction Bank, Cl H 2,191,000 1,069
Industrial & Commercial Total Oil-Field Services 243
Bank of China, Cl H 3,283,000 1,388 _____________________________________________________________________
______________
Printing-Commercial - - 1.3%
Total Commercial Banks Non-US 2,607 AMVIG Holdings 572,000 315
_____________________________________________________________________ ______________
Diversified Operations - 5.6% Total Printing-Commercial 315
Guangdong Investment 706,000 269 _____________________________________________________________________
Shanghai Industrial Holdings 414,000 1,055
______________ Public Thoroughfares - 2.5%
Jiangsu Express, Cl H 380,000 270
Total Diversified Operations 1,324 Sichuan Expressway, Cl H 1,864,000 310
_____________________________________________________________________ ______________
Electric-Generation - 3.8% Total Public Thoroughfares 580
China Resources Power Holdings 160,000 294 _____________________________________________________________________
Huaneng Power International, Cl H 848,000 608
______________ Real Estate Operation/Development - 6.8%
China Everbright International 4,371,000 838
Total Electric-Generation 902 China Overseas Land & Investment 393,120 514
_____________________________________________________________________ Guangzhou R&F Properties, Cl H 48,000 39
Hang Lung Properties 74,000 166
Feminine Health Care Products - 7.0% Hopson Development Holdings 68,000 39
Hengan International Group 496,000 1,650 ______________
______________
Total Real Estate Operation/Development 1,596
Total Feminine Health Care Products 1,650 _____________________________________________________________________
_____________________________________________________________________
Retail-Hypermarkets - - 0.4%
Food-Confectionery - 1.2% Wumart Stores, Cl H 118,000 83
Want Want China Holdings (D) 685,000 271 ______________
______________
Total Retail-Hypermarkets 83
Total Food-Confectionery 271 _____________________________________________________________________
_____________________________________________________________________
Retail-Major Department Store - 0.2%
Food-Miscellaneous/Diversified - 0.5% Parkson Retail Group 60,500 54
______________
China Yurun Food Group 101,000 118
______________ Total Retail-Major Department Store 54
_____________________________________________________________________
Total Food-Miscellaneous/Diversified 118
_____________________________________________________________________ Retail-Perfume & Cosmetics - 3.0%
SA SA International Holdings 2,666,000 715
______________
Total Retail-Perfume & Cosmetics 715
_____________________________________________________________________
28
_____________________________________________________________________
Description Shares Value (000)
_____________________________________________________________________
Retail-Restaurants - 4.1%
Cafe de Coral Holdings 498,000 $ 960
______________
Total Retail-Restaurants 960
_____________________________________________________________________
Telecommunications Services - 1.7%
China Telecom, Cl H 1,108,000 402
______________
Total Telecommunications Services 402
_____________________________________________________________________
Therapeutics - 0.4%
China Shineway Pharmaceutical 173,000 97
______________
Total Therapeutics 97
_____________________________________________________________________
Transport-Rail - 2.4%
China South Locomotive and
Rolling Stock, Cl H* 1,191,000 563
______________
Total Transport-Rail 563
______________
Total Common Stock (Cost $25,153) 22,468
_____________________________________________________________________
Money Market Fund - 0.7%
Dreyfus Cash Management Fund,
Institutional Class, 1.265% (A) 171,455 171
______________
Total Money Market Fund (Cost $171) 171
_____________________________________________________________________
Total Investments - 96.5% (Cost $25,324) 22,639
_____________________________________________________________________
Other Assets and Liabilities, Net - 3.5% 829
_____________________________________________________________________
Total Net Assets - 100.0% $ 23,468
_____________________________________________________________________
For descriptions of abbreviations and footnotes, please refer to page 60.
The accompanying notes are an integral part of the financial statements.
29
OLD MUTUAL CLAY FINLAY EMERGING MARKETS FUND
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Clay Finlay LLC
Performance Highlights
o For the six-month period ended January 31, 2009, the Old Mutual Clay Finlay Emerging Markets Fund (the "Fund") slightly
underperformed its benchmark, the MSCI Emerging Markets Index. The Fund's Class A shares posted a (49.36)% return at net asset
value versus a (48.59)% return for the benchmark.
o Sectors that contributed positively to the Fund's relative performance included consumer staples, financials and information
technology. On the contrary, energy, industrials and telecommunications services were detractors from relative performance.
o Shinsegae, Hengan International Group and China Everbright International were among the top contributors to relative
performance for the period.
o Petroleo Brasileiro, NovaTek and Gazprom were among the top detractors from relative performance for the period.
Q. How did the Fund perform relative to its benchmark?
A. For the six-month period ended January 31, 2009, the Old Mutual Clay Finlay Emerging Markets Fund (the "Fund") slightly
underperformed its benchmark, the MSCI Emerging Markets Index. The Fund's Class A shares posted a (49.36)% return at net asset
value versus a (48.59)% return for the benchmark. Performance for all share classes can be found on page 32.
Q. What investment environment did the Fund face during the past period?
A. The slowdown in the global economy, which began in the U.S., spread to other regions, such as Europe and Asia. Cyclical
companies and companies that rely on the U.S. and Europe as export markets saw downward revisions to their expected earnings.
The global credit crisis unfolded with several large bankruptcies in the U.S. Financial companies in the emerging markets,
however, had little direct exposure to the credit woes of Europe and the U.S. During the period, low commodity prices were a
large factor in emerging markets, with oil, metals and agricultural commodities suffering steep declines. Countries that had
been fighting high levels of inflation benefited from the pullback in commodity prices, while commodity rich countries such as
Brazil and Russia were hurt. The Russian market also suffered amid increased geopolitical instability in the region.
Additionally, corporate governance in Russia also became a concern, as the Russian government targeted a large Russian steel
company as being monopolistic.
Q. Which market factors influenced the Fund's relative performance?
A. The rapid decline in commodity prices had a large negative impact on Fund performance. Clay Finlay LLC ("Clay Finlay"), the
Fund's sub-adviser, reduced its commodity positions, but not before prices had declined sharply. On the other hand, China was
relatively well positioned in the global slowdown and Chinese stocks positively impacted the Fund.
Q. How did portfolio composition affect relative Fund performance?
A. Sectors that contributed positively to the Fund's performance included consumer staples, financials and information technology.
On the contrary, energy, industrials and telecommunications services were detractors from performance.
Shinsegae, Hengan International Group and China Everbright International were among the top contributors for the period.
Shinsegae, Korea's largest discount store operator, benefited from consumers' attempts to reduce their expenses as Korea's
economy entered a recession. Hengan International Group is one of the leading manufacturers of paper hygiene products in China.
Its profit margin improved following a steep fall in pulp prices. China Everbright International, a Hong Kong conglomerate, is
a key beneficiary of a stimulus plan put in place by China's government.
Petroleo Brasileiro, NovaTek and Gazprom were among the top detractors for the period. Petroleo Brasileiro, a Brazilian oil
producer, reduced earnings estimates as the price of oil fell. NovaTek and Gazprom, both Russian oil companies, were hurt by
falling oil prices, a deteriorating sentiment towards Russia as the Ruble is in the process of being devalued and the fact that
tariffs for gas were also cut.
In terms of regions and countries, the Fund gained value from stock selection in Thailand as well as an overweight in both Hong
Kong and Israel. Stock selection in Brazil, Russia and South Africa was detrimental to the Fund's performance.
Clay Finlay Emerging Markets Fund
30
Top Ten Holdings
as of January 31, 2009
Samsung Electronics 4.1%
___________________________________________________________________________________
Taiwan Semiconductor
Manufacturing ADR 3.8%
___________________________________________________________________________________
Bharti Airtel 3.7%
___________________________________________________________________________________
Teva Pharmaceutical
Industries ADR 3.6%
___________________________________________________________________________________
Cia Vale do Rio Doce ADR 3.3%
___________________________________________________________________________________
Coca-Cola Femsa SAB
de CV ADR 3.3%
___________________________________________________________________________________
Cia Cervecerias Unidas ADR 3.1%
___________________________________________________________________________________
China Mobile 3.1%
___________________________________________________________________________________
Petroleo Brasileiro ADR 3.0%
___________________________________________________________________________________
MTN Group 2.7%
___________________________________________________________________________________
As a % of Total
Fund Investments 33.7%
___________________________________________________________________________________
Q. What is the investment outlook for emerging-market stocks?
A. Clay Finlay believes that the current policy response will help the global economy start to recover. However, Clay Finlay
points out that it is more challenging to accurately forecast the timing and the size of the recovery. Pointing out that demand
may remain weak, Clay Finlay notes that its preference in the near term will be for companies with strong balance sheets and
earnings visibility. Clay Finlay intends to look at positions in consumer staples, health care and telecommunication services.
Clay Finlay notes that compared to the cyclical sectors, these sectors may provide better balance sheets and superior earnings
visibility. Clay Finlay believes that many consumer staples companies also benefit from falling input costs, which could lead
to higher margins in the future. Clay Finlay notes also that telecom companies could see improving margins as churn rates fall.
Clay Finlay notes, however, that if the recovery is sharper and earlier than expected, cyclical sectors will likely perform
better. Clay Finlay currently has the Fund positioned for the global economy to stabilize, but it believes it will take some
time for demand to pick up in a significant manner. Clay Finlay notes that the Fund's underweight to energy, materials and
financials will likely detract from relative performance if growth is greater than expected.
Clay Finlay believes that once the global economy stabilizes, many investors may be attracted to the emerging markets' lower
valuations and higher growth prospects. Clay Finlay believes that the Fund could benefit from a shift from commodity producers
to commodity users. Clay Finlay notes that as commodity rich countries continue to feel the negative effects from a sharp
decline in raw materials, countries such as Russia, Brazil and South Africa are likely to have slower growth going forward. As
a result, Clay Finlay believes that many Asian countries which are commodity importers, and export manufactured goods, may
start to benefit. Clay Finlay points out that if demand recovers while commodity prices remain low, this could be very
beneficial to Asian economies.
Clay Finlay Emerging Markets Fund
31
OLD MUTUAL CLAY FINLAY EMERGING MARKETS FUND - continued
____________________________________________________________________________________________________________________________________
PERFORMANCE AND PORTFOLIO SUMMARY (UNAUDITED)
Average Annual Total Returns as of January 31, 2009
____________________________________________________________________________________________________________________________________
Annualized
Inception 6 Month 1 Year Inception
Date Return* Return to Date
____________________________________________________________________________________________________________________________________
Class A with load 12/30/05 (52.28)% (55.65)% (10.25)%
Class A without load 12/30/05 (49.36)% (52.96)% (8.52)%
Class C with load 12/30/05 (50.09)% (53.80)% (9.21)%
Class C without load 12/30/05 (49.59)% (53.33)% (9.21)%
Class Z 12/30/05 (49.45)% (53.00)% (8.39)%
Institutional Class 12/30/05 (49.16)% (52.62)% (7.81)%
MSCI Emerging Markets Index 12/30/05 (48.59)% (50.12)% (6.81)%
____________________________________________________________________________________________________________________________________
Past performance is not a guarantee of future results. The Fund's performance results do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on the redemption of Fund shares. Information about these performance results and the
comparative index can be found on pages 1 and 2.
*Not Annualized
Class A shares have a current maximum initial sales charge of 5.75%; Class C shares may be subject to a contingent deferred sales
charge ("CDSC") of 1.00%, if redeemed within twelve months of the date of purchase; and Class A share purchases of $1 million or
more, which were purchased without an initial sales charge, may be subject to a CDSC of 1.00%, if redeemed within twelve months of
the date of purchase. Please read the prospectus carefully for more information on sales charges. The total annual operating
expenses and net annual operating expenses you may pay as an investor in the Fund's Class A, Class C, Class Z and Institutional
Class shares (as reported in the November 19, 2008 prospectus) are 2.65% and 2.00%; 4.37% and 2.75%; 3.19% and 1.75%; and 1.73% and
1.25%, respectively.
Fund Performance
____________________________________________________________________________________________________________________________________
[LINE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| | Old Mutual Clay Finlay Emerging Markets Fund, Class A | Old Mutual Clay Finlay Emerging Markets Fund, Class C | Old Mutual Clay Finlay Emerging Markets Fund, Class Z | Old Mutual Clay Finlay Emerging Markets Fund, Institutional Class | MSCI Emerging Markets Index | |
| 12/30/05 | 9,425 | 10,000 | 10,000 | 10,000 | 10,000 | |
| 7/31/06 | 10,443 | 11,040 | 11,100 | 11,130 | 10,869 | |
| 7/31/07 | 15,317 | 16,085 | 16,321 | 16,449 | 16,356 | |
| 7/31/08 | 14,139 | 14,721 | 15,093 | 15,304 | 15,643 | |
| 1/31/09 | 7,160 | 7,420 | 7,629 | 7,780 | 8,042 | |
Past performance is not a guarantee of future results. The graph above compares an investment made in each of the Fund's share
classes on the inception date of 12/30/05 to an investment made in an unmanaged securities index on that date. The performance of
the Fund's Class A shares shown in the line graph takes into account the maximum initial sales charge. The Fund's performance in
this chart and the performance table assumes reinvestment of dividends and capital gain distributions but does not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.
Asset Class Weightings as of January 31, 2009 - % of Total Fund Investments
____________________________________________________________________________________________________________________________________
[PIE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| Common Stock | 30.1% | |
| Foreign Common Stock | 58.3% | |
| Foreign Preferred Stock | 2.6% | |
| Warrants | 9.0% | |
32
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Common Stock - 29.8% Foreign Common Stock - 57.7%
Beverages-Non-Alcoholic - 3.2% Brazil - 5.9%
Coca-Cola Femsa SAB de CV ADR 10,630 $ 402 Banco do Brasil 25,600 $ 157
______________ Localiza Rent A Car 22,200 78
Lojas Renner 31,300 191
Total Beverages-Non-Alcoholic 402 Tractebel Energia 39,600 306
_____________________________________________________________________ ______________
Brewery - 5.6% Total Brazil 732
Cia Cervecerias Unidas ADR 13,270 382 _____________________________________________________________________
Cia de Bebidas das Americas ADR 7,600 310
______________ China - - 9.9%
China Construction Bank, Cl H 333,000 162
Total Brewery 692 China Life Insurance, Cl H 120,000 316
_____________________________________________________________________ China Petroleum & Chemical, Cl H 204,000 110
China South Locomotive and
Broadcast Services/Programming - 0.7% Rolling Stock, Cl H* 457,000 216
Grupo Televisa ADR 6,200 87 China Yurun Food Group 117,000 137
______________ Industrial & Commercial
Bank of China, Cl H 294,000 124
Total Broadcast Services/Programming 87 Want Want China Holdings (D) 441,000 174
_____________________________________________________________________ ______________
Cellular Telecommunications - 1.9% Total China 1,239
America Movil, Ser L ADR 8,320 237 _____________________________________________________________________
______________
Hong Kong - 12.9%
Total Cellular Telecommunications 237 China Everbright International 862,000 165
_____________________________________________________________________ China Mobile 42,000 378
China Overseas Land & Investment 145,600 190
Commercial Banks Non-US - 1.8% China Resources Power Holdings 124,000 227
HDFC Bank ADR 3,950 228 China Unicom 90,000 83
______________ CNOOC 186,000 160
Hengan International Group 76,000 253
Total Commercial Banks Non-US 228 Kingdee International Software 260,000 23
_____________________________________________________________________ Shanghai Industrial Holdings 52,000 132
______________
Diversified Minerals - 3.3%
Cia Vale do Rio Doce ADR 28,600 404 Total Hong Kong 1,611
______________ _____________________________________________________________________
Total Diversified Minerals 404 Israel - 0.7%
_____________________________________________________________________ Israel Chemicals 11,900 81
______________
Food-Dairy Products - 0.1%
Wimm-Bill-Dann Foods ADR* 657 16 Total Israel �� 81
______________ _____________________________________________________________________
Total Food-Dairy Products 16 Mexico - 0.4%
_____________________________________________________________________ Grupo Financiero Banorte SAB de CV, Cl O 36,000 48
______________
Medical-Generic Drugs - 3.5%
Teva Pharmaceutical Industries ADR 10,560 438 Total Mexico 48
______________ _____________________________________________________________________
Total Medical-Generic Drugs 438 Philippines - 1.1%
_____________________________________________________________________ Ayala Land 1,082,000 142
______________
Oil Companies-Exploration & Production - 1.5%
Gazprom ADR 14,750 190 Total Philippines 142
______________ _____________________________________________________________________
Total Oil Companies-Exploration & Production 190 Russia - 0.5%
_____________________________________________________________________ NovaTek GDR 2,850 63
______________
Oil Companies-Integrated - 3.2%
Lukoil ADR 1,100 36 Total Russia 63
Petroleo Brasileiro ADR 13,980 366 _____________________________________________________________________
______________
South Africa - 5.2%
Total Oil Companies-Integrated 402 Anglo Platinum 1,774 73
_____________________________________________________________________ MTN Group 35,660 338
Naspers, Cl N 15,330 234
Oil Refining & Marketing - 0.6% ______________
Reliance Industries GDR 144A 1,370 73
______________ Total South Africa 645
_____________________________________________________________________
Total Oil Refining & Marketing 73
_____________________________________________________________________
Semiconductor Components-Integrated Circuits - 4.4%
Powertech Technology GDR 27,679 74
Taiwan Semiconductor Manufacturing ADR 62,126 468
______________
Total Semiconductor Components-Integrated Circuits 542
______________
Total Common Stock (Cost $5,143) 3,711
_____________________________________________________________________
33
OLD MUTUAL CLAY FINLAY EMERGING MARKETS FUND - concluded
________________________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
South Korea - 12.1% Warrants - - 8.9%
KB Financial Group* 3,700 $ 99 Angang Steel,
KT Freetel* 15,200 318 expires 04/09/12* 63,000 $ 190
NHN* 3,340 331 Bharti Airtel,
POSCO 90 23 expires 06/15/09* 35,200 457
Samsung Electronics 1,450 504 Chinatrust Financial Holding 144A,
Shinsegae 720 230 expires 09/09/13* 360,864 118
______________ Maruti Suzuki India,
expires 09/03/12* 15,100 176
Total South Korea 1,505 Sun Pharmaceutical Industries,
_____________________________________________________________________ expires 11/08/12* 7,400 163
______________
Taiwan - 2.4%
Alpha Networks 1 - Total Warrants (Cost $1,320) 1,104
Far Eastern Textile 291,720 182 _____________________________________________________________________
HTC 12,600 120
______________ Total Investments - 99.0% (Cost $17,662) 12,329
_____________________________________________________________________
Total Taiwan 302
_____________________________________________________________________ Other Assets and Liabilities, Net - 1.0% 128
_____________________________________________________________________
Thailand - 4.8%
Bangkok Bank 62,000 130 Total Net Assets - 100.0% $ 12,457
CP ALL 835,300 266 _____________________________________________________________________
Kasikornbank 158,700 201
______________
For descriptions of abbreviations and footnotes, please refer
Total Thailand 597 to page 60.
_____________________________________________________________________
Turkey - 1.8%
BIM Birlesik Magazalar 10,550 226
______________
Total Turkey 226
______________
Total Foreign Common Stock (Cost $10,608) 7,191
_____________________________________________________________________
Foreign Preferred Stock - 2.6%
Brazil - 2.6%
NET Servicos de Comunicacao* 30,900 196
Usinas Siderurgicas
de Minas Gerais, Cl A 10,250 127
______________
Total Brazil 323
______________
Total Foreign Preferred Stock (Cost $591) 323
_____________________________________________________________________
The accompanying notes are an integral part of the financial statements.
34
OLD MUTUAL COPPER ROCK EMERGING GROWTH FUND
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Copper Rock Capital Partners, LLC
Performance Highlights
o For the six-month period ended January 31, 2009, the Old Mutual Copper Rock Emerging Growth Fund (the "Fund") outperformed its
benchmark, the Russell 2500® Growth Index. The Fund's Class A shares posted a (38.32)% return at net asset value versus a
(40.12)% return for the benchmark.
o Sectors that contributed positively to the Fund's relative performance included energy, healthcare and consumer discretionary.
On the contrary, financials, industrials and information technology were detractors from relative performance.
o Corinthian Colleges, SBA Communications and Darden Restaurants were among the top contributors to relative performance for the
period.
o Affiliated Managers Group, Scientific Games and Sapient were among the top detractors from relative performance for the period.
Q. How did the Fund perform relative to its benchmark?
A. For the six-month period ended January 31, 2009, the Old Mutual Copper Rock Emerging Growth Fund (the "Fund") outperformed its
benchmark, the Russell 2500® Growth Index (the "Index"). The Fund's Class A shares posted a (38.32)% return at net asset value
versus a (40.12)% return for the benchmark. Performance for all share classes can be found on page 37.
Q. What investment environment did the Fund face during the past period?
A. Markets remained extremely volatile and were magnified by a weak economic forecast for 2009 and negative gross domestic product
growth forecasts. The financial crisis exploded, causing the collapse of major banking institutions on Wall Street, government
bailouts and numerous financial takeovers. The uncertainty surrounding the weakening economy caused several Russell sectors to
post negative returns during the period.
Q. Which market factors influenced the Fund's relative performance?
A. The slowing economy and extreme market volatility created a challenging environment in which to manage the Fund. The rapid
parabolic rise in commodity prices was short lived as credit tightened in early July, the global economy began to slow quickly
and deleveraging started in earnest. This led to dramatic underperformance in both commodity prices and stocks in the energy
sector. Due to the Fund's modest overweight in energy entering the third quarter of 2008, the Fund lost some significant
relative ground in July. In late July, Copper Rock Capital Partners, LLC ("Copper Rock"), the Fund's sub-adviser, reduced the
Fund's exposure to energy, resulting in an underweight position relative to the Index. This adjustment in positioning was
beneficial to relative performance for the remainder of the third quarter and all of the fourth quarter.
The fourth quarter of 2008 was unbelievable in many respects. The collapse of Lehman Brothers and AIG and the widening of the
subprime debacle froze the credit markets and destroyed equity values. The daily drops the broad markets experienced showed the
panic that investors felt in the wake of cascading bad news and a lack of differentiation in returns during the quarter. Panic
resulted in wholesale decisions to liquidate and deleveraging played a role as well. In the period, companies with good
fundamentals that generate cash were down as much as companies that have poor fundamentals and high debt.
The retail sector continued to be a challenging sector throughout 2008 and early 2009 as the consumer continued to be burdened
in the environment officially deemed a recession. However, Copper Rock selectively added some restaurant names to the Fund as
some companies exhibited operating margin expansion with earnings visibility despite a weak consumer economic environment.
Despite being underweight technology for the latter half of the year, as several data points suggested global demand would
soften throughout the end of 2008 and into 2009, Copper Rock continued to find good ideas, particularly within software service
companies, where products or services offered benefit a company by allowing them to reduce operating costs and become more
efficient.
Q. How did portfolio composition affect relative Fund performance?
A. Sectors that contributed positively to the Fund's performance included energy, healthcare and consumer discretionary. On the
contrary, financials, industrials and information technology were detractors from performance.
Corinthian Colleges, SBA Communications and Darden Restaurants were among the top contributors for the period. Corinthian
Colleges, a post-secondary education company, benefited from an increase in student enrollment as people tend to seek to
improve their marketability by earning additional degrees or specializing in new trades when the economy or job market weakens.
SBA Communications, a wireless communications infrastructure owner and operator, closed on a recent merger,
Copper Rock Emerging Growth Fund
35
OLD MUTUAL COPPER ROCK EMERGING GROWTH FUND - continued
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Copper Rock Capital Partners, LLC
Top Ten Holdings*
as of January 31, 2009
Psychiatric Solutions 2.7%
___________________________________________________________________________________
SBA Communications, Cl A 2.6%
___________________________________________________________________________________
Resmed 2.2%
___________________________________________________________________________________
Wright Medical Group 2.1%
___________________________________________________________________________________
Alexion Pharmaceuticals 2.0%
___________________________________________________________________________________
DeVry 1.9%
___________________________________________________________________________________
Sybase 1.8%
___________________________________________________________________________________
Isis Pharmaceuticals 1.8%
___________________________________________________________________________________
MSCI, Cl A 1.7%
___________________________________________________________________________________
NuVasive 1.7%
___________________________________________________________________________________
As a % of Total
Fund Investments 20.5%
___________________________________________________________________________________
* Excludes short-term money market fund.
increasing its tower and managed site locations. With high barriers to entry in the tower business, Copper Rock believes the
company is fairly insulated from the current economic environment as towers remain a critical data transmitter for wireless
companies. Olive Garden Restaurants, one of Darden Restaurants' key franchises, performed well during the tough economic
environment.
Affiliated Managers Group, Scientific Games and Sapient were among the top detractors for the period. Assets under management
declined at Affiliated Managers Group as the markets declined significantly and volatility remained high. However, Copper Rock
continues to own this stock for its long term prospects, as the company has a well diversified group of asset managers with
strong long-term track records, which should drive growth once the markets normalize. Scientific Games, a supplier of
technology based products, systems and services to gaming markets, saw its stock hurt by concerns about the economy, resulting
in lower than expected earnings. Sapient, a provider of business, marketing and technology consulting services, saw its stock
hurt by concerns that businesses will spend less on technology as consumers pull back due to the economy.
Q. What is the investment outlook for the small-cap growth market?
A. Copper Rock continues to monitor all sectors impacted by weakened consumer demand. Copper Rock believes that small-cap
companies will likely continue to face a challenging earnings environment, but should the volatility start to go down, active
managers could be rewarded. Copper Rock feels that many solid growth companies are trading at depressed valuations and it plans
to continue to take advantage of the volatility in the market place by adding to existing positions or finding new ideas that
have favorable long-term results. Copper Rock believes these companies will be rewarded when growth comes back in favor and
when high quality companies are rewarded.
Copper Rock Emerging Growth Fund
36
PERFORMANCE AND PORTFOLIO SUMMARY (UNAUDITED)
Average Annual Total Returns as of January 31, 2009
____________________________________________________________________________________________________________________________________
Annualized
Inception 6 Month 1 Year Inception
Date (1) Return* Return to Date
____________________________________________________________________________________________________________________________________
Class A with load 07/29/05 (41.88)% (46.39)% (12.36)%
Class A without load 07/29/05 (38.32)% (43.11)% (10.87)%
Class C with load 07/29/05 (39.25)% (43.87)% (11.57)%
Class C without load 07/29/05 (38.64)% (43.30)% (11.57)%
Class Z 12/09/05 (38.31)% (42.96)% (13.09)%
Institutional Class 07/29/05 (38.18)% (42.82)% (10.48)%
Russell 2000® Growth Index (2) 07/29/05 (39.06)% (37.48)% (9.82)%
Russell 2500® Growth Index (2) 07/29/05 (40.12)% (40.14)% (9.88)%
____________________________________________________________________________________________________________________________________
Past performance is not a guarantee of future results. The Fund's performance results do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on the redemption of Fund shares. Information about these performance results and
the comparative indexes can be found on pages 1 and 2.
Class A shares have a current maximum initial sales charge of 5.75%; Class C shares may be subject to a contingent deferred sales
charge ("CDSC") of 1.00%, if redeemed within twelve months of the date of purchase; and Class A share purchases of $1 million or
more, which were purchased without an initial sales charge, may be subject to a CDSC of 1.00%, if redeemed within twelve months of
the date of purchase. Please read the prospectus carefully for more information on sales charges. The total annual operating
expenses and net annual operating expenses you may pay as an investor in the Fund's Class A, Class C, Class Z and Institutional
Class shares (as reported in the November 19, 2008 prospectus) are 1.89% and 1.68%; 5.23% and 2.43%; 1.66% and 1.43%; and 1.36% and
1.23%, respectively.
* Not Annualized
(1) The inception date of each share class represents the date initial seed capital was invested by Old Mutual Capital, Inc. The
effective date the share classes were available for sale to shareholders was 08/01/05 for Class A, Class C and Institutional
Class, and 12/16/05 for Class Z.
(2) The Fund has changed its performance benchmark from the Russell 2000® Growth Index to the Russell 2500® Growth Index as the
Russell 2500® Growth Index better reflects the Fund's investment strategy.
Fund Performance
____________________________________________________________________________________________________________________________________
[LINE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| | Old Mutual Copper Rock Emerging Growth Fund, Class A | Old Mutual Copper Rock Emerging Growth Fund, Class C | Old Mutual Copper Rock Emerging Growth Fund, Institutional Class | Russell 2000® Growth Index | Russell 2500® Growth Index | |
| 07/31/05 | 9,425 | 10,000 | 10,000 | 10,000 | 10,000 | |
| 07/31/06 | 9,915 | 10,430 | 10,560 | 10,153 | 10,238 | |
| 07/31/07 | 12,158 | 12,700 | 13,010 | 11,862 | 12,274 | |
| 07/31/08 | 10,204 | 10,583 | 10,968 | 11,416 | 11,591 | |
| 01/31/09 | 6,294 | 6,494 | 6,780 | 6,956 | 6,941 | |
Past performance is not a guarantee of future results. The graph above compares an investment made in the Fund's Class A, C and
Institutional shares on the inception date of 7/29/05 to an investment made in unmanaged securities indexes on that date. The
performance of the Fund's Class A shares shown in the line graph takes into account the maximum initial sales charge. The Fund's
performance in this chart and the performance table assumes reinvestment of dividends and capital gain distributions but does not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.
Asset Class Weightings as of January 31, 2009 - % of Total Fund Investments
____________________________________________________________________________________________________________________________________
[PIE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| Common Stock | 96.2% | |
| Investment Company | 1.2% | |
| Cash Equivalents | 2.6% | |
37
OLD MUTUAL COPPER ROCK EMERGING GROWTH FUND - continued
________________________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Common Stock - 97.8% Decision Support Software - 1.7%
Applications Software - 1.0% MSCI, Cl A* 40,803 $ 708
Nuance Communications* 42,821 $ 422 ______________
______________
Total Decision Support Software 708
Total Applications Software 422 _____________________________________________________________________
_____________________________________________________________________
Diagnostic Equipment - 1.0%
Building Products-Cement/Aggregate - 0.7% Immucor* 14,296 396
Eagle Materials 15,389 278 ______________
______________
Total Diagnostic Equipment 396
Total Building Products-Cement/Aggregate 278 _____________________________________________________________________
_____________________________________________________________________
Diagnostic Kits - 0.9%
Building-Heavy Construction - 0.5% Qiagen* 22,352 383
Granite Construction 6,219 219 ______________
______________
Total Diagnostic Kits 383
Total Building-Heavy Construction 219 _____________________________________________________________________
_____________________________________________________________________
E-Commerce/Services - - 1.4%
Casino Hotels - 0.6% priceline.com* 8,606 577
Las Vegas Sands* 48,027 247 ______________
______________
Total E-Commerce/Services 577
Total Casino Hotels 247 _____________________________________________________________________
_____________________________________________________________________
Electric-Transmission - - 0.8%
Casino Services - 1.4% ITC Holdings 7,817 328
Scientific Games, Cl A* 44,276 557 ______________
______________
Total Electric-Transmission 328
Total Casino Services 557 _____________________________________________________________________
_____________________________________________________________________
Electronic Components-Semiconductors - 2.4%
Commercial Banks-Eastern US - 1.7% PMC - Sierra* 82,196 400
Signature Bank* 26,946 692 Silicon Laboratories* 14,085 324
______________ Xilinx 16,235 274
______________
Total Commercial Banks-Eastern US 692
_____________________________________________________________________ Total Electronic Components-Semiconductors 998
_____________________________________________________________________
Commercial Services - 0.9%
Iron Mountain* 17,793 364 Engineering/R&D Services - 0.7%
______________ Stanley* 9,773 296
______________
Total Commercial Services 364
_____________________________________________________________________ Total Engineering/R&D Services 296
_____________________________________________________________________
Computer Services - 2.4%
Cognizant Technology Solutions, Cl A* 15,183 284 Enterprise Software/Services - 1.8%
IHS, Cl A* 15,675 687 Sybase* 27,489 751
______________ ______________
Total Computer Services 971 Total Enterprise Software/Services 751
_____________________________________________________________________ _____________________________________________________________________
Computers-Memory Devices - 0.6% E-Services/Consulting - 0.7%
NetApp* 17,798 264 Sapient* 67,969 290
______________ ______________
Total Computers-Memory Devices 264 Total E-Services/Consulting 290
_____________________________________________________________________ _____________________________________________________________________
Computers-Peripheral Equipment - 0.5% Finance-Investment Banker/Broker - 1.4%
Synaptics* 8,465 200 Greenhill 8,674 564
______________ ______________
Total Computers-Peripheral Equipment 200 Total Finance-Investment Banker/Broker 564
_____________________________________________________________________ _____________________________________________________________________
Consulting Services - 4.8% Hazardous Waste Disposal - 1.0%
FTI Consulting* 14,101 578 Stericycle* 8,525 417
Gartner* 18,536 262 ______________
Huron Consulting Group* 8,676 434
SAIC* 34,574 683 Total Hazardous Waste Disposal 417
______________ _____________________________________________________________________
Total Consulting Services 1,957 Human Resources - 0.9%
_____________________________________________________________________ Monster Worldwide* 41,842 385
______________
Data Processing/Management - 1.6%
Dun & Bradstreet 8,740 664 Total Human Resources 385
______________ _____________________________________________________________________
Total Data Processing/Management 664
_____________________________________________________________________
38
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Industrial Audio & Video Products - 0.9% Medical-Drugs - 1.3%
Dolby Laboratories, Cl A* 14,006 $ 358 Cephalon* 7,132 $ 550
______________ ______________
Total Industrial Audio & Video Products 358 Total Medical-Drugs 550
_____________________________________________________________________ _____________________________________________________________________
Internet Infrastructure Software - 1.6% Oil Companies-Exploration & Production - 7.4%
Akamai Technologies* 23,205 313 Arena Resources* 15,498 378
F5 Networks* 15,920 353 Comstock Resources* 11,618 443
______________ Concho Resources* 19,918 502
Continental Resources* 16,638 344
Total Internet Infrastructure Software 666 EXCO Resources* 45,935 466
_____________________________________________________________________ PetroHawk Energy* 23,705 467
Whiting Petroleum* 15,790 458
Investment Management/Advisory Services - 1.3% ______________
Affiliated Managers Group* 13,010 523
______________ Total Oil Companies-Exploration & Production 3,058
_____________________________________________________________________
Total Investment Management/Advisory Services 523
_____________________________________________________________________ Patient Monitoring Equipment - 0.6%
Masimo* 8,768 244
Leisure & Recreational Products - 1.5% ______________
WMS Industries* 27,950 621
______________ Total Patient Monitoring Equipment 244
_____________________________________________________________________
Total Leisure & Recreational Products 621
_____________________________________________________________________ Physical Therapy/Rehabilitation Centers - 2.7%
Psychiatric Solutions* 42,873 1,115
Machinery-Electrical - 1.2% ______________
Regal-Beloit 14,301 486
______________ Total Physical Therapy/Rehabilitation Centers 1,115
_____________________________________________________________________
Total Machinery-Electrical 486
_____________________________________________________________________ Printing-Commercial - 0.6%
VistaPrint* 11,150 255
Machinery-General Industry - 2.2% ______________
IDEX 27,015 611
Wabtec 9,384 281 Total Printing-Commercial 255
______________ _____________________________________________________________________
Total Machinery-General Industry 892 Respiratory Products - 2.2%
_____________________________________________________________________ Resmed* 23,000 918
______________
Marine Services - 1.2%
Aegean Marine Petroleum Network 27,479 470 Total Respiratory Products 918
______________ _____________________________________________________________________
Total Marine Services 470 Retail-Apparel/Shoe - - 4.6%
_____________________________________________________________________ American Eagle Outfitters 36,217 326
Guess? 38,456 619
Medical Information Systems - 0.8% Gymboree* 18,447 452
Cerner* 9,981 337 Phillips-Van Heusen 25,580 487
______________ ______________
Total Medical Information Systems 337 Total Retail-Apparel/Shoe 1,884
_____________________________________________________________________ _____________________________________________________________________
Medical Instruments - 4.0% Retail-Computer Equipment - - 0.6%
Conceptus* 40,754 585 GameStop, Cl A* 9,720 241
Integra LifeSciences Holdings* 12,663 351 ______________
NuVasive* 18,966 708
______________ Total Retail-Computer Equipment 241
_____________________________________________________________________
Total Medical Instruments 1,644
_____________________________________________________________________ Retail-Discount - 0.5%
Dollar Tree* 4,840 207
Medical Products - 2.2% ______________
Wright Medical Group* 43,068 893
______________ Total Retail-Discount 207
_____________________________________________________________________
Total Medical Products 893
_____________________________________________________________________ Retail-Restaurants - 1.5%
Darden Restaurants 15,372 403
Medical-Biomedical/Genetic - 5.4% PF Chang's China Bistro* 12,266 217
Alexion Pharmaceuticals* 23,058 850 ______________
Illumina* 18,836 515
OSI Pharmaceuticals* 13,052 465 Total Retail-Restaurants 620
Vertex Pharmaceuticals* 12,151 402 _____________________________________________________________________
______________
Total Medical-Biomedical/Genetic 2,232
_____________________________________________________________________
39
OLD MUTUAL COPPER ROCK EMERGING GROWTH FUND - concluded
________________________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Schools - 6.3% Wireless Equipment - 2.6%
Corinthian Colleges* 35,812 $ 669 SBA Communications, Cl A* 54,081 $ 1,076
DeVry 15,037 806 ______________
New Oriental Education & Technology
Group ADR* 13,228 633 Total Wireless Equipment 1,076
Strayer Education 2,119 459 ______________
______________
Total Common Stock (Cost $42,401) 40,139
Total Schools 2,567 _____________________________________________________________________
_____________________________________________________________________
Investment Company - 1.2%
Semiconductor Components-Integrated Circuits - 1.0% Growth-Small Cap - 1.2%
Power Integrations 21,444 418 iShares Russell 2000 Growth Index Fund 10,615 501
______________ ______________
Total Semiconductor Components- Total Growth-Small Cap 501
Integrated Circuits 418 ______________
_____________________________________________________________________
Total Investment Company (Cost $505) 501
Semiconductor Equipment - 1.0% _____________________________________________________________________
Lam Research* 19,361 391
______________ Money Market Fund - 2.7%
�� Dreyfus Cash Management Fund,
Total Semiconductor Equipment 391 Institutional Class, 1.265% (A) 1,106,266 1,106
_____________________________________________________________________ ______________
Steel Pipe & Tube - 0.7% Total Money Market Fund (Cost $1,106) 1,106
Mueller Water Products, Cl A 42,160 285 _____________________________________________________________________
______________
Total Investments - 101.7% (Cost $44,012) 41,746
Total Steel Pipe & Tube 285 _____________________________________________________________________
_____________________________________________________________________
Other Assets and Liabilities, Net - (1.7)% (682)
Telecommunications Equipment-Fiber Optics - 0.5% _____________________________________________________________________
Ciena* 30,017 187
______________ Total Net Assets - 100.0% $ 41,064
_____________________________________________________________________
Total Telecommunications Equipment-Fiber Optics 187
_____________________________________________________________________ For descriptions of abbreviations and footnotes, please refer to
page 60.
Therapeutics - 3.0%
Isis Pharmaceuticals* 51,974 734
Onyx Pharmaceuticals* 16,318 497
______________
Total Therapeutics 1,231
_____________________________________________________________________
Transactional Software - 1.3%
Solera Holdings* 21,593 520
______________
Total Transactional Software 520
_____________________________________________________________________
Transport-Rail - 1.0%
Genesee & Wyoming, Cl A* 14,742 401
______________
Total Transport-Rail 401
_____________________________________________________________________
Transport-Truck - 2.6%
JB Hunt Transport Services 18,016 401
Landstar System 18,241 654
______________
Total Transport-Truck 1,055
_____________________________________________________________________
Web Hosting/Design - 1.7%
Equinix* 13,171 703
______________
Total Web Hosting/Design 703
_____________________________________________________________________
Wire & Cable Products - 0.4%
General Cable* 9,931 163
______________
Total Wire & Cable Products 163
_____________________________________________________________________
The accompanying notes are an integral part of the financial statements.
40
OLD MUTUAL INTERNATIONAL BOND FUND
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Rogge Global Partners PLC
Performance Highlights
o For the six-month period ended January 31, 2009, the Old Mutual International Bond Fund (the "Fund") underperformed its
benchmark, the Citigroup Non-U.S. Dollar World Government Bond Index. The Fund's Institutional Class shares posted a (1.90)%
return versus a (0.88)% return for the Index.
o The Fund was overweight in Australia and Sweden, adding relative value during the period. An underweight in the U.K. versus an
overweight in the Euro zone detracted from relative performance, particularly late in the period.
o An underweight in British Pound Sterling was a source of added relative value. A preference for Australian Dollars versus
Canadian Dollars detracted from relative performance early in the period but the Fund subsequently recovered most of the
shortfall. An overweight in Norwegian Krone also detracted from relative performance, as did exposure to the Brazilian Real and
the Russian Ruble.
o A small allocation to non-government issues had a negative impact on relative performance over the period as the corporate
sector underperformed.
Q. How did the Fund perform relative to its benchmark?
A. For the six-month period ended January 31, 2009, the Old Mutual International Bond Fund (the "Fund") underperformed its
benchmark, the Citigroup Non-U.S. Dollar World Government Bond Index (the "Index"). The Fund's Institutional Class shares
posted a (1.90)% return versus a (0.88)% return for the Index.
Q. What investment environment did the Fund face during the past period?
A. Market volatility was at an all time high, funding markets were under severe stress and equity markets went into a tailspin
globally. Investors sought the safety of government bonds and other asset classes were shunned. The risk environment
deteriorated as the panic that had its origins in the U.S. banking system spread globally, forcing government intervention on
an unprecedented scale. The U.S. Federal Reserve Board cut rates to a record low. The joint interest rate cuts from central
banks in the U.S., the Euro zone, the U.K., Canada, Sweden and Switzerland, and rate cuts from a number of developing
countries, failed to restore confidence in the capital markets. The U.K. government took unprecedented steps to inject equity
capital into the banking sector and many other developed markets followed suit in an attempt to prevent a complete collapse in
confidence in the global capital markets. In December, the U.S. Dollar and British Pound Sterling experienced renewed downward
pressure as these two indebted economies were expected to enter a deep and protracted economic downturn.
Q. Which market factors influenced the Fund's relative performance?
A. The Fund maintained a long duration position versus the Index, which had a positive impact on performance as government bond
rates declined.
The Fund's yield curve steepening positions added value before Rogge Global Partners PLC ("Rogge"), the Fund's sub-adviser,
reduced them in November.
Q. How did portfolio composition affect relative Fund performance?
A. The Fund was overweight in Australia and Sweden, adding value during the period. An underweight in the U.K. versus an
overweight in the Euro zone detracted from performance, particularly late in the period.
An underweight in British Pound Sterling was a source of added value. A preference for Australian Dollars versus Canadian
Dollars detracted from performance early in the period but the Fund subsequently recovered most of the shortfall. An overweight
in Norwegian Krone also detracted from performance, as did exposure to the Brazilian Real and the Russian Ruble.
A small allocation to non-government issues had a negative impact on performance over the period as the corporate sector
underperformed.
International Bond Fund
41
OLD MUTUAL INTERNATIONAL BOND FUND - continued
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Rogge Global Partners PLC
Top Ten Holdings*
as of January 31, 2009
Development Bank of Japan,
2.300%, 03/19/26 14.4%
___________________________________________________________________________________
Bundesrepublik Deutschland,
3.750%, 01/04/19 9.0%
___________________________________________________________________________________
Kingdom of Denmark,
4.000%, 11/15/17 6.8%
___________________________________________________________________________________
Netherlands Government
Bond, 4.500%, 07/15/17 6.6%
___________________________________________________________________________________
Australia Government Bond,
5.250%, 03/15/19 5.0%
___________________________________________________________________________________
Hellenic Republic Government
Bond, 3.900%, 08/20/11 4.8%
___________________________________________________________________________________
Spain Government Bond,
3.250%, 07/30/10 4.8%
___________________________________________________________________________________
Italy Buoni Poliennali Del
Tesoro, 5.250%, 08/01/11 4.8%
___________________________________________________________________________________
Finland Government Bond,
2.750%, 09/15/10 4.7%
___________________________________________________________________________________
Portugal Obrigacoes
do Tesouro OT,
5.850%, 05/20/10 4.6%
___________________________________________________________________________________
As a % of Total
Fund Investments 65.5%
___________________________________________________________________________________
* Excludes short-term money market fund.
Q. What is the investment outlook?
A. Rogge believes that the global economy may experience the worst recession since the early 1980's, and Rogge also believes that
there may be risk of deep U.S. and U.K. recessions. Rogge points out that gross domestic product is expected to be negative for
2009 in the Euro zone and Japan with the question being how deep the possible recessions may be. Rogge believes other countries
may be added to the recession list as 2009 progresses. Rogge points out that medium term growth prospects have diminished in
the seven leading industrial country's (known as the "G7") economies given the debt deleveraging in the household, financial
and corporate sectors, the deterioration in labor markets and reduced credit availability. Rogge believes that emerging markets
are not immune from this economic downturn, but Rogge points out that given that some of these emerging economies have been
less reliant on debt to fuel economic growth, and continue to run high household and corporate savings rates, medium term
economic growth prospects in these economies appear brighter than in the G7 economies.
International Bond Fund
42
PERFORMANCE AND PORTFOLIO SUMMARY (UNAUDITED)
Average Annual Total Returns as of January 31, 2009
____________________________________________________________________________________________________________________________________
Annualized
Inception 6 Month 1 Year Inception
Date Return* Return to Date
____________________________________________________________________________________________________________________________________
Institutional Class 11/19/07 (1.90)% 0.32% 3.22%
Citigroup Non-US Dollar World Government Bond Index 11/19/07 (0.88)% 0.92% 3.12%
____________________________________________________________________________________________________________________________________
Past performance is not a guarantee of future. The Fund's performance results do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on the redemption of Fund shares. Information about these performance results and
the comparative index can be found on pages 1 and 2.
The total annual operating expenses and net annual operating expenses you may pay as an investor in the Fund (as reported in the
November 19, 2008 prospectus) are 1.11% and 0.95% respectively.
* Not Annualized
Fund Performance
____________________________________________________________________________________________________________________________________
[LINE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| | Old Mutual International Bond Fund, Institutional Class | Citigroup Non-US Dollar World Government Bond Index | |
| 11/19/07 | 10,000 | 10,000 | |
| 7/31/08 | 10,516 | 10,518 | |
| 1/31/09 | 10,316 | 10,426 | |
Past performance is not a guarantee of future results. The graph above compares an investment made in the Fund's Institutional
Class shares on the inception date of 11/19/07 to an investment made in an unmanaged securities index on that date. The Fund's
performance in this chart and the performance table assumes reinvestment of dividends and capital gain distributions but does not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.
Asset Class Weightings as of January 31, 2009 - % of Total Fund Investments
____________________________________________________________________________________________________________________________________
[PIE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| Cash Equivalents | 6.8% | |
| Corporate Bonds | 3.8% | |
| Foreign Bonds | 4.5% | |
| Foreign Government Bonds | 84.9% | |
43
OLD MUTUAL INTERNATIONAL BOND FUND - concluded
________________________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Face Amount (000) Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Corporate Bonds - 3.0% Money Market Fund - 6.5%
Suntrust Bank Dreyfus Cash Management Fund,
3.000%, 11/16/11 $ 200 $ 204 Institutional Class, 1.265% (A) 899,999 $ 900
Wells Fargo _____________
3.000%, 12/09/11 200 206
_____________ Total Money Market Fund (Cost $900) 900
_____________________________________________________________________
Total Corporate Bonds (Cost $414) 410
_____________________________________________________________________ Total Investments - 96.0% (Cost $13,895) 13,243
_____________________________________________________________________
Foreign Government Bonds - 81.5%
Australia Government Bond Other Assets and Liabilities, Net - 4.0% 553
5.250%, 03/15/19 AUD 950 660 _____________________________________________________________________
Bundesrepublik Deutschland
4.750%, 07/04/34 EUR 380 536 Total Net Assets - 100.0% $ 13,796
3.750%, 01/04/15 EUR 50 67 _____________________________________________________________________
3.750%, 01/04/19 EUR 900 1,195
3.500%, 01/04/16 EUR 60 79
Development Bank of Japan
2.300%, 03/19/26 JPY 170,000 1,905
European Investment Bank MTN,
4.750%, 08/05/10 EUR 200 266
Finland Government Bond
2.750%, 09/15/10 EUR 480 625
French Government Bond
4.750%, 04/25/35 EUR 440 609
Hellenic Republic Government Bond
3.900%, 08/20/11 EUR 500 640
Italy Buoni Poliennali Del Tesoro
5.250%, 08/01/11 EUR 465 631
Kingdom of Denmark
5.000%, 11/15/13 DKK 910 169
4.000%, 11/15/15 DKK 2,400 423
4.000%, 11/15/17 DKK 5,100 895
Netherlands Government Bond
4.500%, 07/15/17 EUR 650 870
Norway Government Bond
6.000%, 05/16/11 NOK 610 95
Portugal Obrigacoes do Tesouro OT
5.850%, 05/20/10 EUR 455 611
Spain Government Bond
3.250%, 07/30/10 EUR 485 634
United Kingdom Gilt,
4.250%, 12/07/55 GBP 230 329
_____________
Total Foreign Government Bonds (Cost $11,630) 11,239
_____________________________________________________________________
Foreign Bonds - 5.0%
Citigroup
2.400%, 10/31/25 JPY 10,500 89
Enel SpA MTN,
5.625%, 06/21/27 EUR 460 483
Royal Bank of Scotland MTN,
6.934%, 04/09/18 EUR 100 122
_____________
Total Foreign Bonds (Cost $951) 694
_____________________________________________________________________
_____________________________________________________________________
44
As of January 31, 2009, the Fund had the following forward foreign currency
contracts outstanding:
Unrealized
Appreciation
Settlement Currency Currency (Depreciation)
Date to Deliver to Receive (000)
__________ _________________ _________________ ______________
03/10/09 USD (141,845) AUD 210,658 $ (8)
02/25/09 USD (154,702) BRL 290,000 (30)
03/10/09 USD (150,225) CAD 185,764 1
02/25/09 USD (202,020) CNY 1,400,000 2
03/10/09 USD (58,843) DKK 336,412 (1)
03/10/09 USD (5,389,154) EUR 4,145,341 (85)
03/10/09 USD (1,064,028) GBP 706,582 (41)
02/25/09 USD (281,244) INR 13,100,000 (14)
03/10/09 USD (1,492,105) JPY 133,841,858 (1)
03/10/09 USD (172,732) NOK 1,224,327 4
02/25/09 USD (191,982) RUB 5,100,000 (53)
03/10/09 USD (545,475) SEK 4,568,726 -
03/10/09 AUD (130,000) CAD 107,965 6
03/10/09 AUD (160,504) EUR 81,609 3
03/10/09 AUD (2,007,766) USD 1,298,036 26
03/10/09 CAD (451,168) AUD 559,331 (14)
03/10/09 CAD (253,005) NOK 1,438,159 1
03/10/09 CAD (234,006) SEK 1,542,096 (7)
03/10/09 CAD (10,854) USD 8,361 (1)
03/10/09 CHF (3,000) USD 2,498 -
03/10/09 DKK (2,605,407) EUR 348,596 (1)
03/10/09 DKK (953,835) SEK 1,332,917 (4)
03/10/09 DKK (4,291,773) USD 725,343 (11)
03/10/09 EUR (505,845) CAD 804,294 9
03/10/09 EUR (447,362) CHF 670,973 7
03/10/09 EUR (221,888) GBP 198,583 4
03/10/09 EUR (5,096,402) JPY 616,664,641 350
03/10/09 EUR (374,800) NOK 3,351,089 4
03/10/09 EUR (1,649,136) USD 2,197,813 88
03/10/09 GBP (312,827) AUD 736,785 14
03/10/09 GBP (589,828) EUR 707,228 51
03/10/09 GBP (44,721) USD 65,567 1
02/25/09 INR (13,100,000) USD 257,120 (10)
03/10/09 JPY (32,032,723) AUD 516,657 (30)
03/10/09 JPY (44,507,852) EUR 372,900 (19)
03/10/09 JPY (326,405,817) USD 3,531,636 (105)
03/10/09 NOK (2,949,186) EUR 302,793 (38)
03/10/09 NOK (895,349) SEK 1,039,500 (5)
03/10/09 NOK (238,262) USD 33,189 (1)
02/25/09 RUB (5,100,000) USD 158,244 19
03/10/09 SEK (6,002,767) EUR 578,971 23
03/10/09 SEK (176,636) USD 21,573 -
_____
$ 134
_____
For descriptions of abbreviations and footnotes, please refer to page 60.
The accompanying notes are an integral part of the financial statements.
45
OLD MUTUAL INTERNATIONAL EQUITY FUND
____________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: Acadian Asset Management LLC and Clay Finlay LLC
Performance Highlights
o For the six-month period ended January 31, 2009, the Old Mutual International Equity Fund (the "Fund") underperformed its
benchmark, the MSCI EAFE® Index. The Fund's Class A shares posted a (44.56)% return at net asset value versus a (40.75)%
return for the benchmark.
o In terms of regions and countries, the Fund saw relative value lost from an overweight in Canada, as well as stock selection in
Japan and Spain. There was relative value added back, however, from stock selection in Belgium. An overweight in Israel and an
underweight in Australia also added relative value back.
o NTT DoCoMo, Chubu Electric Power and Koninklijke were among the top contributors to relative performance for the period.
o ING Groep, E.ON and Hitachi were among the top detractors from relative performance for the period.
Q. How did the Fund perform relative to its benchmark?
A. For the six-month period ended January 31, 2009, the Old Mutual International Equity Fund (the "Fund") underperformed its
benchmark, the MSCI EAFE® Index. The Fund's Class A shares posted a (44.56)% return at net asset value versus a (40.75)%
return for the benchmark. Performance for all share classes can be found on page 48.
Q. What investment environment did the Fund face during the past period?
A. The period saw a sharp downward slide for many global equity markets as risk-averse investors continued to retreat from
equities. The seriousness of the broadening global credit crisis was underscored by unprecedented government interventions over
the period, including coordinated rate cuts, capital infusions, depositor guarantees and other efforts to shore up the troubled
financial sector. This environment saw continued deleveraging, outflows and forced sales of equities by brokerage firms, hedge
funds and other key market participants. Market sentiment was overwhelmingly negative and the prices of many stocks were pushed
down regardless of their fundamental attributes.
Downward revisions to growth in the U.S., the U.K., Europe and Japan indicated that much of the developed world was already in
or near recession. Weak unemployment figures, a lagging indicator of economic well being, accelerated in both the U.S. and
Europe. Outside of the U.S. and Europe, the two regions most affected by the credit crisis, Japan and broader Asia, faced
similar pressures amid the worst global contraction in decades. China, while far from recession, was slowing more rapidly than
most economists predicted, and other economies in the emerging markets felt the pinch from the rapid decline in economic
activity.
Q. Which market factors influenced the Fund's relative performance?
A. The greatest challenge during the period was to not overreact to markets which were trading more on fear than fundamentals.
Focusing on individual company fundamentals allowed Acadian Asset Management LLC ("Acadian") and Clay Finlay LLC ("Clay
Finlay"), the Fund's sub-advisers, to position the Fund for the long-term, while the market reacted to day-to-day news of the
near-term. Currency issues were also a challenge during the period, as the U.S. Dollar experienced sharp moves versus the
Japanese Yen, Euro and British Pound Sterling.
Q. How did portfolio composition affect relative Fund performance?
A. In terms of regions and countries, the Fund lost value from an overweight in Canada, as well as stock selection in Japan and
Spain. There was value added back, however, from stock selection in Belgium. An overweight in Israel and an underweight in
Australia also added value back.
NTT DoCoMo, Chubu Electric Power and Koninklijke were among the top contributors for the period. NTT DoCoMo, a Japanese
provider of wireless telecommunications services, benefited from a growth in earnings-per-share and a largely solid financial
position. Chubu Electric Power, Japan's third largest utility provider, saw its shares rally as retreating crude prices
brightened earnings prospects. Koninklijke, an operator of retail food stores in the U.S. and Europe, benefited from an
increase in net sales in the fourth quarter of 2008.
ING Groep, E.ON and Hitachi were among the top detractors for the period. ING Groep, a Dutch financial services provider, saw
its shares fall sharply after it warned it may post a net loss of $674 million on write-downs. E.ON, a German utility provider,
saw its share price slide after it reported that net income was adversely impacted by derivatives, which were used as a hedge
against volatility in commodities prices. Hitachi, a Japanese electronics maker, announced that it was being investigated for
alleged price fixing of power transformers.
International Equity Fund
46
Top Ten Holdings
as of January 31, 2009
Royal Dutch Shell, Cl A �� 3.2%
___________________________________________________________________________________
Novartis 3.0%
___________________________________________________________________________________
AstraZeneca 2.6%
___________________________________________________________________________________
Vivendi 2.4%
___________________________________________________________________________________
Nippon Telegraph &
Telephone 2.3%
___________________________________________________________________________________
France Telecom 2.2%
___________________________________________________________________________________
E.ON 1.8%
___________________________________________________________________________________
Nintendo 1.8%
___________________________________________________________________________________
Sanofi-Aventis 1.7%
___________________________________________________________________________________
BG Group 1.7%
___________________________________________________________________________________
As a % of Total
Fund Investments 22.7%
___________________________________________________________________________________
Q. What is the investment outlook for international stocks?
A. Acadian follows a quantitative process focused on bottom-up stock selection. Acadian does not make specific economic forecasts
or invest according to expected themes or trends. Acadian believes that most global economies are in the midst of a severe
recession and that despite massive government stimulus efforts, Acadian anticipates that the recession may be deeper and longer
lasting than many predict, particularly in the U.S. Acadian's most optimistic appraisal would not see significant economic
recovery until late in 2009. Acadian notes that equity markets, however, may anticipate the turn and could begin to rise one or
two quarters earlier. Acadian believes investors will likely see very volatile markets in the first part of 2009 as investors
test recent lows. Acadian feels that should these lows be breached, market recovery may be more difficult to achieve in the
near-term, but should the lows hold, Acadian would be more optimistic about positive equity market returns by mid-year. Acadian
believes that when markets do eventually turn, it would not be surprising to see this occur quite suddenly and sharply.
Clay Finlay feels that substantial downside risks to growth remain, and it remains bearish about the near-term prospects for
equities. Given Clay Finlay's fairly negative outlook for the global economy at large, it expects market volatility will likely
continue. As a result, Clay Finlay continues to tilt the Fund towards the more defensive areas of the market as it seeks out
companies able to generate relatively sustainable earnings growth during a period of global economic weakness. Clay Finlay
feels that the global economic downturn will likely be deeper for longer than markets are currently discounting, but that the
groundwork for recovery is currently being formed by governments and central banks around the world thanks to a significant
economic stimulus. For now, Clay Finlay remains defensive while seeking out opportunities that may be the early beneficiaries
of a recovery when it begins.
International Equity Fund
47
OLD MUTUAL INTERNATIONAL EQUITY FUND - continued
____________________________________________________________________________________________________________________________________
PERFORMANCE AND PORTFOLIO SUMMARY (UNAUDITED)
Average Annual Total Returns as of January 31, 2009
____________________________________________________________________________________________________________________________________
Annualized
Inception 6 Month 1 Year Inception
Date Return* Return to Date
____________________________________________________________________________________________________________________________________
Class A with load 12/30/05 (47.76)% (51.19)% (14.90)%
Class A without load 12/30/05 (44.56)% (48.20)% (13.25)%
Class C with load 12/30/05 (45.24)% (49.07)% (13.86)%
Class C without load 12/30/05 (44.68)% (48.56)% (13.86)%
Class Z 12/30/05 (44.40)% (48.02)% (13.02)%
Institutional Class 12/30/05 (44.43)% (47.98)% (12.82)%
MSCI EAFE® Index 12/30/05 (40.75)% (43.74)% (10.21)%
____________________________________________________________________________________________________________________________________
Past performance is not a guarantee of future results. The Fund's performance results do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on the redemption of Fund shares. Information about these performance results and the
comparative index can be found on pages 1 and 2.
*Not Annualized
Class A shares have a current maximum initial sales charge of 5.75%; Class C shares may be subject to a contingent deferred sales
charge ("CDSC") of 1.00%, if redeemed within twelve months of the date of purchase; and Class A share purchases of $1 million or
more, which were purchased without an initial sales charge, may be subject to a CDSC of 1.00%, if redeemed within twelve months of
the date of purchase. Please read the prospectus carefully for more information on sales charges. The total annual operating
expenses and net annual operating expenses you may pay as an investor in the Fund's Class A, Class C, Class Z and Institutional
Class shares (as reported in the November 19, 2008 prospectus) are 2.76% and 1.52%; 3.55% and 2.27%; 3.44% and 1.27%; and 1.32% and
1.02%, respectively.
Fund Performance
___________________________________________________________________________________________________________________________________
[LINE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| | Old Mutual International Equity Fund, Class A | Old Mutual International Equity Fund, Class C | Old Mutual International Equity Fund, Class Z | Old Mutual International Equity Fund, Institutional Class | MSCI EAFE® Index | |
| 12/30/05 | 9,425 | 10,000 | 10,000 | 10,000 | 10,000 | |
| 07/31/06 | 10,320 | 10,910 | 10,970 | 10,980 | 11,125 | |
| 07/31/07 | 13,212 | 13,859 | 14,067 | 14,126 | 13,785 | |
| 07/31/08 | 10,960 | 11,403 | 11,693 | 11,779 | 12,105 | |
| 01/31/09 | 6,076 | 6,308 | 6,502 | 6,546 | 7,172 | |
Past performance is not a guarantee of future results. The graph above compares an investment made in each of the Fund's share
classes on the inception date of 12/30/05 to an investment made in an unmanaged securities index on that date. The performance of
the Fund's Class A shares shown in the line graph takes into account the maximum initial sales charge. The Fund's performance in
this chart and the performance table assumes reinvestment of dividends and capital gain distributions but does not reflect the
deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.
Asset Class Weightings as of January 31, 2009 - % of Total Fund Investments
____________________________________________________________________________________________________________________________________
[PIE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| Common Stock | 4.1% | |
| Foreign Preferred Stock | 1.0% | |
| Foreign Common Stock | 94.9% | |
48
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Common Stock - 4.0% Foreign Common Stock - 93.9%
Agricultural Chemicals - 0.7% Australia - 2.8%
Potash Corp of Saskatchewan 5,310 $ 398 Amcor 24,419 $ 83
______________ Ansell 22,433 144
Ausenco 4,977 6
Total Agricultural Chemicals 398 BHP Billiton 7,404 137
_____________________________________________________________________ BlueScope Steel 13,559 30
Commander Communications* (D) 3,400 -
Building-Heavy Construction - 0.3% Emeco Holdings 117,214 12
Aecon Group 22,200 186 Macquarie Group 21,300 341
______________ McPherson's 3,832 1
Mineral Resources 492 1
Total Building-Heavy Construction 186 Pan Pacific Petroleum* 44,998 10
_____________________________________________________________________ PaperlinX 136,886 38
QBE Insurance Group 29,400 442
Commercial Banks Non-US - 0.2% Riversdale Mining* 489 1
Bank of Nova Scotia 2,500 60 Suncorp-Metway 18,365 86
Laurentian Bank of Canada 2,444 58 Westpac Banking 32,634 320
National Bank of Canada 200 6 ______________
______________
Total Australia 1,652
Total Commercial Banks Non-US 124 _____________________________________________________________________
_____________________________________________________________________
Austria - - 0.1%
Diversified Manufacturing Operations - 0.2% Erste Group Bank 3,909 59
Bombardier, Cl B 44,000 136 OMV 91 3
______________ Telekom Austria 200 3
Voestalpine 127 2
Total Diversified Manufacturing Operations 136 ______________
_____________________________________________________________________
Total Austria 67
Electronic Components-Miscellaneous - 0.0% _____________________________________________________________________
NAM TAI Electronics 100 1
______________ Belgium - - 1.2%
Anheuser-Busch InBev 5,760 146
Total Electronic Components-Miscellaneous 1 Cofinimmo 164 20
_____________________________________________________________________ Delhaize Group 6,702 431
Dexia 12,300 38
Electronic Components-Semiconductors - 0.6% Euronav 40 1
Samsung Electronics GDR 144A 3,050 337 KBC Groep 1,793 32
______________ Nationale A Portefeuille 575 27
Tessenderlo Chemie 330 10
Total Electronic Components-Semiconductors 337 ______________
_____________________________________________________________________
Total Belgium 705
Food-Retail - 0.0% _____________________________________________________________________
Empire, Cl A 600 25
______________ Bermuda - - 0.3%
Catlin Group 3,250 16
Total Food-Retail 25 Lancashire Holdings 22,203 146
_____________________________________________________________________ ______________
Medical-Generic Drugs - 1.6% Total Bermuda 162
Teva Pharmaceutical Industries ADR 22,350 926 _____________________________________________________________________
______________
Total Medical-Generic Drugs 926
_____________________________________________________________________
Mortgage Banks - 0.0%
Home Capital Group 1,400 21
______________
Total Mortgage Banks 21
_____________________________________________________________________
Real Estate Operation/Development - 0.0%
Brookfield Asset Management, Cl A 500 8
______________
Total Real Estate Operation/Development 8
_____________________________________________________________________
Retail-Convenience Store - 0.1%
Alimentation Couche Tard 5,100 59
______________
Total Retail-Convenience Store 59
_____________________________________________________________________
Semiconductor Components-Integrated Circuits - 0.3%
Taiwan Semiconductor
Manufacturing ADR 20,000 151
______________
Total Semiconductor Components-Integrated Circuits 151
______________
Total Common Stock (Cost $2,790) 2,372
_____________________________________________________________________
49
OLD MUTUAL INTERNATIONAL EQUITY FUND - continued
________________________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Canada - 0.7% Germany - - continued
Celestica* 16,936 $ 74 Deutsche Lufthansa 53,506 $ 653
CGI Group, Cl A* 23,920 194 E.ON 32,682 1,060
Metro, Cl A 100 3 Freenet* 62 -
Onex 1,100 15 Koenig & Bauer 1,838 20
Potash Corp of Saskatchewan 100 8 Medion 2,184 16
Royal Bank of Canada 2,500 62 MTU Aero Engines Holding 1,486 41
Toronto-Dominion Bank 1,900 62 Muenchener Rueckversicherungs 4,386 580
______________ Norddeutsche Affinerie 5,528 166
Rheinmetall 2,323 72
Total Canada 418 Salzgitter 3,253 236
_____________________________________________________________________ Siemens 55 3
______________
China - 0.0%
SunVic Chemical Holdings 68,000 7 Total Germany 4,529
______________ _____________________________________________________________________
Total China 7 Greece - - 0.2%
_____________________________________________________________________ Hellenic Exchanges Holding 1,518 10
National Bank of Greece 5,961 99
Denmark - 1.4% ______________
Danske Bank 600 6
Norden 4,862 153 Total Greece 109
Novo Nordisk, Cl B 12,500 666 _____________________________________________________________________
______________
Hong Kong - 0.8%
Total Denmark 825 CLP Holdings 500 3
_____________________________________________________________________ Courage Marine Group 51,000 4
Dickson Concepts International 77,500 20
Finland - 0.0% Kowloon Development 47,000 20
Nokia OYJ 200 2 Li & Fung 188,000 374
______________ Modern Beauty Salon Holdings 92,000 5
Oriental Press Group 66,000 6
Total Finland 2 Pacific Basin Shipping 15,373 8
_____________________________________________________________________ Regal Hotels International Holdings 32,400 8
Solomon Systech International 43,616 1
France - 11.6% VTech Holdings 3,534 14
Alstom 7,650 368 ______________
AXA 27,325 430
BNP Paribas 10,648 406 Total Hong Kong 463
Cap Gemini 8,050 277 _____________________________________________________________________
Cie de Saint-Gobain 17,842 603
CNP Assurances 693 46 Italy - - 0.5%
France Telecom 57,737 1,294 Assicurazioni Generali 5,067 105
Groupe Eurotunnel* 11,529 59 Banca Popolare dell'Emilia Rom 169 2
Rallye 3,692 73 De'Longhi 6,503 11
Sanofi-Aventis 17,129 963 IFIL - Investments 101 -
Societe Generale 3,338 140 Indesit 16,007 61
Thomson* 19,569 28 Milano Assicurazioni 521 1
Total 15,230 759 UniCredit 59,461 105
Vivendi 53,611 1,381 ______________
______________
Total Italy 285
Total France 6,827 _____________________________________________________________________
_____________________________________________________________________
Germany - 7.7%
Aareal Bank 5,483 27
Allianz SE 7,950 666
BASF SE 602 18
Bayer 14,500 772
Daimler 5,084 143
Demag Cranes 2,458 56
_____________________________________________________________________
50
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Japan - 24.6% Japan - - continued
77 Bank 1,000 $ 5 Hitachi Systems & Services 1,400 $ 15
Aichi Machine Industry 5,000 9 Hyakugo Bank 6,000 32
Aisin Seiki 14,200 191 Hyakujushi Bank 4,000 21
Alfresa Holdings 400 17 IHI 18,000 21
Allied Telesis Holdings* 15,800 6 Index Holdings 243 11
Aloka 800 7 Inui Steamship 4,500 29
Alpine Electronics 500 4 Itoham Foods 22,000 74
Alps Electric 2,924 12 JFE Shoji Holdings 35,000 104
Arcs 8,600 141 JMS 3,000 13
Argo Graphics 1,700 22 J-Oil Mills 8,000 28
Arrk 6,700 7 Jupiter Telecommunications 720 681
Brother Industries 19,511 126 JVC Kenwood Holdings* 2,000 1
Canon 50 1 Kagoshima Bank 3,000 23
Central Japan Railway 1 7 Kaken Pharmaceutical 3,000 33
Century Leasing System 900 8 Kanto Auto Works 3,400 32
Chubu Electric Power 18,900 536 KDDI 102 637
Chubu Steel Plate 1,500 11 Keiyo Bank 4,000 20
Chugoku Bank 2,000 28 KK daVinci Holdings* 118 4
Combi 1,500 12 Komori 1,400 13
Cosmo Oil 1,000 3 Kyocera 6,300 404
Dai Nippon Printing 17,000 166 Kyoei Steel 600 10
Daido Kogyo 8,000 13 Leopalace21 14,700 124
Daiichi Jitsugyo 4,000 12 Makita 100 2
Daiichikosho 4,200 46 Marubeni 38,000 135
Daishi Bank 8,000 34 Marudai Food 5,000 14
Daito Bank 13,000 9 McDonald's Japan 21,000 416
Daito Trust Cons 7,200 310 Mimasu Semiconductor Industry 1,500 16
East Japan Railway 1,700 115 Mitani 2,100 12
Ebara 8,000 15 Mitsubishi Materials 37,000 92
Fuji Heavy Industries 9,000 26 Mitsubishi UFJ Financial 61,900 343
Fuji Soft 3,200 57 Mitsui 21,000 219
FUJIFILM Holdings 23,100 505 Morinaga Milk Industry 4,000 14
Fujitsu 700 3 Musashi Seimitsu Industry 1,200 12
Fujitsu Frontech 1,200 11 Namura Shipbuilding 9,300 28
Futaba Industrial 2,100 5 NEC 1,000 3
GMO internet 3,500 15 NEC Electronics* 11,000 76
Hanwa 32,000 94 NET One Systems 37 65
Haruyama Trading 1,500 6 Nihon Unisys 2,900 23
Haseko 500 - Nintendo 3,300 1,023
Hino Motors 30,000 53 Nippo 3,000 23
HIS 1,900 37 Nippon Flour Mills 6,000 30
Hitachi 262,000 799 Nippon Meat Packers 4,000 50
Hitachi Information Systems 800 15 Nippon Oil 31,000 135
Hitachi Software Engineering 5,457 77 Nippon Shinyaku 10,000 115
_____________________________________________________________________ _____________________________________________________________________
51
OLD MUTUAL INTERNATIONAL EQUITY FUND - continued
________________________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Japan - continued Japan - - continued
Nippon Soda 8,000 $ 30 TS Tech 6,800 $ 34
Nippon Steel 700 2 Usen* 3,332 4
Nippon Steel Trading 4,000 6 Watabe Wedding 2,900 47
Nippon Telegraph & Telephone 27,300 1,322 West Japan Railway 34 138
NIS Group* 5,900 2 Yamada Denki 6,200 365
Nishimatsu Construction 11,000 11 Yamaguchi Financial Group 1,000 11
Nissan Motor 7,300 22 Yamazaki Baking 8,000 108
Nissan Shatai 2,000 13 Yamazen 3,000 10
Nisshin Seifun Group 5,500 60 Yasunaga 2,100 8
Nisshin Steel 11,000 18 Yokohama Rubber 4,000 14
NSD 4,800 37 ______________
NTT DoCoMo 482 840
Ogaki Kyoritsu Bank 2,000 10 Total Japan 14,457
Okinawa Electric Power 300 21 _____________________________________________________________________
Otsuka Kagu 1,500 11
Pioneer 6,900 13 Luxembourg - - 0.8%
Prima Meat Packers 17,735 30 Regus 14,865 10
QP 3,708 48 SES 26,400 470
Ricoh Leasing 100 1 ______________
San-In Godo Bank 4,000 31
Seiko Epson 12,900 164 Total Luxembourg 480
Seino Holdings 7,000 34 _____________________________________________________________________
Shinsei Bank 21,000 27
Shinsho 6,000 11 Netherlands - - 8.1%
Shionogi 18,000 386 Aegon 22,490 118
Sky Perfect Jsat Holdings 111 47 Gamma Holding 57 -
Sorun 4,700 23 Heijmans 2,600 19
Sumikin Bussan 6,000 16 Heineken 8,733 257
Sumitomo Electric Industries 17,100 129 ING Groep 59,350 490
Sumitomo Mitsui Financial Group 5,100 202 Koninklijke Ahold 34,400 412
Sumitomo Osaka Cement 17,000 34 Nutreco Holding 119 4
Sumitomo Pipe & Tube 14,800 103 OCE 9,746 25
Taikisha 1,202 18 Ordina 2,443 9
Takeuchi Manufacturing 2,700 20 Philips Electronics 50,606 920
Tokai Rika 1,600 12 Royal Dutch Shell, Cl A 75,110 1,851
Tokyo Electric Power 15,500 485 SNS Reaal 3,596 16
Tokyo Electron 54 2 TNT 52 1
Tokyo Leasing 200 2 Unilever 9,435 208
Topy Industries 6,000 10 Van der Moolen Holding* 3,348 9
Toshiba 56,000 196 Wolters Kluwer 25,000 449
Toshiba TEC 12,000 36 ______________
Toyo Kohan 3,000 13
Toyo Tire & Rubber 4,000 6 Total Netherlands 4,788
Toyota Auto Body 1,900 25 _____________________________________________________________________
Toyota Motor 13,600 437
_____________________________________________________________________ New Zealand - 0.0%
Contact Energy 8,411 29
Sky Network Television 210 -
______________
Total New Zealand 29
_____________________________________________________________________
Norway - - 0.3%
Belships ASA 56 -
Norsk Hydro 32,400 115
Norske Skogindustrier ASA 33,625 66
StatoilHydro 43 1
______________
Total Norway 182
_____________________________________________________________________
52
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Singapore - 1.2% Switzerland - - continued
Ezra Holdings 215,000 $ 91 Walter Meier, Cl A 49 $ 3
Hotel Grand Central 5,000 2 Zurich Financial Services 878 158
Jardine Cycle & Carriage 59,526 419 ______________
Macquarie International
Infrastructure Fund 550,000 97 Total Switzerland 5,454
Neptune Orient Lines 19,662 14 _____________________________________________________________________
Rotary Engineering 267,000 40
Singapore Petroleum 19,000 30 United Kingdom - 16.4%
______________ Aggreko 2,522 14
AstraZeneca GBP 39,732 1,531
Total Singapore 693 AstraZeneca SEK 2,315 88
_____________________________________________________________________ Autonomy* 37,400 588
Aveva Group 94 1
South Africa - 0.1% Aviva 1,542 7
Aquarius Platinum 28,004 68 BAE Systems 105,200 611
______________ Barclays 31,100 46
BG Group 70,200 962
Total South Africa 68 BHP Billiton 127 2
_____________________________________________________________________ BP 93,600 663
Bradford & Bingley (D) 34,425 -
Spain - 4.5% British American Tobacco 11,800 324
Banco Bilbao Vizcaya 22,575 211 BT Group 279,195 423
Banco Santander 37,528 304 Cadbury 61,644 495
Construcciones y Auxiliar Character Group 2,728 2
de Ferrocarriles 27 7 Chaucer Holdings 257 -
Grifols 18,600 326 Colliers CRE 3,314 1
Iberdrola 78,300 606 Compass Group 50,700 251
Red Electrica 10,200 419 Drax Group 3,648 29
Telefonica 42,000 745 DS Smith 13,756 16
______________ Game Group 25,523 53
HSBC Holdings 4,812 37
Total Spain 2,618 Imperial Tobacco Group 15,074 412
_____________________________________________________________________ International Power 5,857 23
J Sainsbury 302 1
Sweden - 1.3% Lloyds Banking Group 200 -
Beijer Alma 300 2 Micro Focus International 2,371 10
Hennes & Mauritz, Cl B 13,090 505 Mondi 2,231 6
Industrivarden, Cl A 2,056 11 National Grid 48,300 451
Investor, Cl A 6,101 68 Prudential 89,100 428
Lundbergforetagen, Cl B 442 15 Reckitt Benckiser Group 12,502 481
Nordea Bank 20,800 110 Reed Elsevier 59,400 446
Peab 1,000 3 Renew Holdings 12,115 9
Skandinaviska Enskilda Banken, Cl A 9,700 41 Royal Bank of Scotland Group 97,391 31
______________ Royal Dutch Shell, Cl B 4,653 110
Stagecoach Group 10,878 19
Total Sweden 755 Standard Chartered 118 1
_____________________________________________________________________ Tenon Group 7,109 4
Tesco 116,800 604
Switzerland - 9.3% _____________________________________________________________________
Bell Holding 28 35
Credit Suisse Group 23,529 600
Givaudan 660 447
Lonza Group 3,850 351
Nestle 18,050 624
Novartis 42,981 1,766
Roche Holding 5,710 802
Syngenta 3,200 619
Valiant Holding 280 49
_____________________________________________________________________
53
OLD MUTUAL INTERNATIONAL EQUITY FUND - concluded
________________________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________
Description Shares Value (000)
_____________________________________________________________________
United Kingdom - continued
Vodafone Group 244,000 $ 453
______________
Total United Kingdom 9,633
______________
Total Foreign Common Stock
(Cost $76,697) 55,208
_____________________________________________________________________
Foreign Preferred Stock - 1.0%
Germany - 0.9%
Fresenius 9,550 528
______________
Total Germany 528
_____________________________________________________________________
Italy - 0.1%
IFI* 4,376 25
______________
Total Italy 25
______________
Total Foreign Preferred Stock
(Cost $848) 553
_____________________________________________________________________
Money Market Fund - 0.0%
Dreyfus Cash Management Fund,
Institutional Class, 1.265% (A) 21,661 22
______________
Total Money Market Fund (Cost $22) 22
_____________________________________________________________________
Total Investments - 98.9% (Cost $80,357) 58,155
_____________________________________________________________________
Other Assets and Liabilities, Net - 1.1% 648
_____________________________________________________________________
Total Net Assets - 100.0% $ 58,803
_____________________________________________________________________
For descriptions of abbreviations and footnotes, please refer to
page 60.
The accompanying notes are an integral part of the financial statements.
54
OLD MUTUAL PROVIDENT MID-CAP GROWTH FUND
________________________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: 300 North Capital, LLC
Performance Highlights
o For the six-month period ended January 31, 2009, the Old Mutual Provident Mid-Cap Growth Fund (the "Fund") underperformed its
benchmark, the Russell Midcap® Growth Index. The Fund's Institutional Class shares posted a (43.21)% return versus a (40.69)%
return for the benchmark.
o Sectors that contributed positively to the Fund's relative performance included energy, financials and telecommunications
services. On the contrary, healthcare, industrials and information technology were detractors from relative performance.
o Strayer Education, Affiliated Managers Group and National Oilwell Varco were among the top contributors to relative performance
for the period.
o Ansys, Cummins and Urban Outfitters (no longer a Fund holding) were among the top detractors from relative performance for the
period.
Q. How did the Fund perform relative to its benchmark?
A. For the six-month period ended January 31, 2009, the Old Mutual Provident Mid-Cap Growth Fund (the "Fund") underperformed its
benchmark, the Russell Midcap® Growth Index. The Fund's Institutional Class shares posted a (43.21)% return versus a (40.69)%
return for the benchmark.
Q. What investment environment did the Fund face during the past period?
A. The economic and financial events that unfolded this period were extraordinary and presented 300 North Capital, LLC ("300 North
Capital"), the Fund's sub-adviser, with a daunting backdrop in which to manage portfolios. As financial companies scrambled to
continue to account for and unwind their mortgage based exposure, credit continued to contract. Confidence in financial
institutions waned and, in some cases, froze. Those companies with the greatest leverage faced severe hardship. The result was
government sponsored bailouts, massive restructurings and bankruptcies. Another result was one of the worst years on record for
U.S. stock market returns, mostly due to a painful fourth quarter. In the fourth quarter every Russell Midcap® Growth sector,
except utilities, posted a return worse than (20.00%).
Q. Which market factors influenced the Fund's relative performance?
A. It was a difficult environment for growth investors utilizing fundamental research to make decisions. Few industries and stocks
were able to generate positive growth in a broadly contracting economy. 300 North Capital focused its efforts on finding those
companies with high quality financial metrics, low debt, reasonable valuations and relatively stable growth. The extraordinary
sector rotations that occurred made sector and industry allocations more difficult than in past periods. Stock specific
volatility was markedly higher and stock price volatility didn't necessarily reflect earnings volatility.
Q. How did portfolio composition affect relative Fund performance?
A. Sectors that contributed positively to the Fund's performance included energy, financials and telecommunications services. On
the contrary, healthcare, industrials and information technology were detractors from performance.
Strayer Education, Affiliated Managers Group and National Oilwell Varco were among the top contributors for the period. Strayer
Education, a company focused on providing high quality education to working adults, benefited from the defensive
characteristics of the education sector. The company projected higher enrollments as the unemployed returned to school, and
retention rates for existing students improved as those students were less likely to find employment prior to graduation.
Furthermore, the company enjoyed lower student acquisition costs as promotional expenses declined in a weak advertising market.
Affiliated Managers Group, an asset management company, benefited due to the fact that its assets under management did not
decline as much as expected. As a result, earnings were attractive relative to the industry and market. The stock was also
attractively valued given the longer term growth rate of the company. National Oilwell Varco, a market leader in providing
equipment to oil rigs, benefited due to the sophistication of rigs which generally require replacement parts from the original
equipment manufacturer.
Ansys, Cummins and Urban Outfitters (no longer a Fund holding) were among the top detractors for the period. Ansys, a software
firm, saw investor concern over the strength of the customer base adversely impact the stock. Cummins, an engine designer and
manufacturer, had greater international exposure than in past cycles and a higher degree of fixed costs. The lower volume of
engines produced due to the softer economic environment led to negative operating leverage, causing earnings to come in lower
than anticipated. Urban Outfitters, a specialty retailer, saw its stock pressured in the economic downturn.
Provident Mid-Cap Growth Fund
55
OLD MUTUAL PROVIDENT MID-CAP GROWTH FUND - continued
________________________________________________________________________________________________________________________________________________
MANAGEMENT OVERVIEW (UNAUDITED)
Sub-Adviser: 300 North Capital, LLC
Top Ten Holdings
as of January 31, 2009
Ansys 3.0%
___________________________________________________________________________________
Ross Stores 2.8%
___________________________________________________________________________________
Mosaic 2.6%
___________________________________________________________________________________
Martin Marietta Materials 2.5%
___________________________________________________________________________________
American Tower, Cl A 2.5%
___________________________________________________________________________________
Burger King Holdings 2.4%
___________________________________________________________________________________
Equinix 2.3%
___________________________________________________________________________________
Varian Semiconductor
Equipment Associates 2.3%
___________________________________________________________________________________
Fluor 2.3%
___________________________________________________________________________________
Broadcom, Cl A 2.1%
___________________________________________________________________________________
As a % of Total
Fund Investments 24.8%
___________________________________________________________________________________
Q. What is the investment outlook for the mid-cap growth market?
A. 300 North Capital believes that credit is still tight and unemployment may continue to rise. It does not believe the causes of
the collapse in the housing and mortgage markets have been corrected. However, 300 North Capital points out that there are many
positive factors to consider for 2009. First, if economic growth does turn positive in the second half of the year, 300 North
Capital believes the equity markets will likely discount this months in advance. Second, 300 North Capital believes a
relatively harsh and prolonged recession has already been priced into the market. Finally, 300 North Capital believes that
severe market downturns create tremendous opportunities for investors.
300 North Capital points out that because the timing of an economic bottoming is not yet clear, it remains cautious. The Fund
is well diversified across the major economic sectors; however, 300 North Capital has some sector tilts. The Fund holds
overweight positions in transportation companies and financials. Slight overweight positions also can be found in hotels,
restaurants, leisure, specialty retail and apparel stocks. Collectively these positions represent 300 North Capital's view
that, first, once signs of a bottoming do occur, early cyclical stocks will likely be the primary beneficiaries of the equity
market's advance; and second, strong long term opportunities are available to patient investors who can find stocks that are
gaining market share in the current downturn. Meanwhile, 300 North Capital points out that the Fund holds an underweight
position in the healthcare sector. 300 North Capital notes that over the past several years healthcare companies have become
more adversely impacted by government reimbursement issues. It expects this to remain a challenge. Furthermore, 300 North
Capital notes that additional changes to the U.S. healthcare system are more likely with a Presidential change.
300 North Capital's investment philosophy is based upon finding high quality growth companies with competitive advantages that
are trading at attractive valuations given the growth rates. 300 North Capital believes that quality metrics are important in
today's environment because they are often representative of the strength and sustainability of a company's business model. Low
debt levels and the ability to self-finance growth are also important in these tight credit markets, according to 300 North
Capital. It believes that companies that possess these characteristics will likely emerge in a stronger position as the economy
recovers. 300 North Capital has constructed a portfolio of companies that meet these stringent standards. As 300 North Capital
looks for and invests in new opportunities, these qualities will continue to guide its investment decisions.
Provident Mid-Cap Growth Fund
56
PERFORMANCE AND PORTFOLIO SUMMARY (UNAUDITED)
Average Annual Total Returns as of January 31, 2009
____________________________________________________________________________________________________________________________________
Annualized
Inception 6 Month 1 Year Inception
Date Return* Return to Date
____________________________________________________________________________________________________________________________________
Institutional Class 11/19/2007 (43.21)% (41.97)% (40.99)
Russell Midcap® Growth Index 11/19/2007 (40.69)% (42.24)% (38.96)
____________________________________________________________________________________________________________________________________
Past performance is not a guarantee of future results. The Fund's performance results do not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on the redemption of Fund shares. Information about these performance results and
the comparative index can be found on pages 1 and 2.
*Not Annualized
The total annual operating expenses and net annual operating expenses you may pay as an investor in the Fund (as reported in the
November 19, 2008 prospectus) are 1.37% and 1.15%; respectively.
Fund Performance
____________________________________________________________________________________________________________________________________
[LINE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
| | Old Mutual Provident Mid-Cap Growth Fund, Institutional Class | Russell Midcap® Growth Index | |
| 11/19/07 | 10,000 | 10,000 | |
| 7/31/08 | 9,167 | 8,990 | |
| 1/31/09 | 5,206 | 5,331 | |
Past performance is not a guarantee of future results. The graph above compares an investment made in the Fund's Institutional
Class shares on the inception date of 11/19/07 to an investment made in an unmanaged securities index on that date. The Fund's
performance in this chart and the performance table assumes reinvestment of dividends and capital gain distributions but does not
reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.
Asset Class Weightings as of January 31, 2009 - % of Total Fund Investments
____________________________________________________________________________________________________________________________________
[PIE GRAPH WAS REPRESENTED IN THE PRINTED MATERIAL]
57
OLD MUTUAL PROVIDENT MID-CAP GROWTH FUND - continued
________________________________________________________________________________________________________________________________________________
SCHEDULE OF INVESTMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Common Stock - 99.9% Electronic Components-Semiconductors - continued
Agricultural Chemicals - 2.6% Silicon Laboratories* 2,500 $ 58
Mosaic 2,100 $ 75 ______________
______________
Total Electronic Components-Semiconductors 190
Total Agricultural Chemicals 75 _____________________________________________________________________
_____________________________________________________________________
Electronic Measuring Instruments - 1.5%
Apparel Manufacturers - 1.9% Agilent Technologies* 2,500 45
Polo Ralph Lauren 747 31 ______________
Under Armour, Cl A* 1,400 26
______________ Total Electronic Measuring Instruments 45
_____________________________________________________________________
Total Apparel Manufacturers 57
_____________________________________________________________________ Engineering/R&D Services - 3.4%
Fluor 1,700 66
Building Products-Cement/Aggregate - 2.5% URS* 1,000 34
Martin Marietta Materials 900 72 ______________
______________
Total Engineering/R&D Services 100
Total Building Products-Cement/Aggregate 72 _____________________________________________________________________
_____________________________________________________________________
Engines-Internal Combustion - 1.8%
Building-Heavy Construction - 1.4% Cummins 2,152 52
Granite Construction 1,200 42 ______________
______________
Total Engines-Internal Combustion 52
Total Building-Heavy Construction 42 _____________________________________________________________________
_____________________________________________________________________
Fiduciary Banks - 1.8%
Casino Hotels - 1.0% Northern Trust 900 52
MGM Mirage* 3,750 30 ______________
______________
Total Fiduciary Banks 52
Total Casino Hotels 30 _____________________________________________________________________
_____________________________________________________________________
Finance-Investment Banker/Broker - 1.7%
Coal - 1.8% Lazard, Cl A 1,900 50
Peabody Energy 2,094 52 ______________
______________
Total Finance-Investment Banker/Broker 50
Total Coal 52 _____________________________________________________________________
_____________________________________________________________________
Hazardous Waste Disposal - 1.5%
Commercial Banks-Western US - 0.8% Stericycle* 881 43
City National 700 24 ______________
______________
Total Hazardous Waste Disposal 43
Total Commercial Banks-Western US 24 _____________________________________________________________________
_____________________________________________________________________
Hotels & Motels - 0.9%
Computer Aided Design - 3.0% Marriott International, Cl A 1,700 28
Ansys* 3,600 89 ______________
______________
Total Hotels & Motels 28
Total Computer Aided Design 89 _____________________________________________________________________
_____________________________________________________________________
Human Resources - 1.4%
Computers-Memory Devices - 1.3% Robert Half International 2,500 42
NetApp* 2,500 37 ______________
______________
�� Total Human Resources 42
Total Computers-Memory Devices 37 _____________________________________________________________________
_____________________________________________________________________
Investment Management/Advisory Services - 3.8%
Decision Support Software - 0.9% Affiliated Managers Group* 1,500 60
MSCI, Cl A* 1,500 26 T Rowe Price Group 1,879 52
______________ ______________
Total Decision Support Software 26 Total Investment Management/Advisory Services 112
_____________________________________________________________________ _____________________________________________________________________
Distribution/Wholesale - 1.6% Machinery-Construction & Mining - 1.4%
Fastenal 1,400 48 Joy Global 1,900 40
______________ ______________
Total Distribution/Wholesale 48 Total Machinery-Construction & Mining 40
_____________________________________________________________________ _____________________________________________________________________
E-Commerce/Services - 1.3% Machinery-General Industry - - 2.0%
priceline.com* 560 38 Wabtec 2,007 60
______________ ______________
Total E-Commerce/Services 38 Total Machinery-General Industry 60
_____________________________________________________________________ _____________________________________________________________________
Electronic Components-Semiconductors - 6.5% Medical Information Systems - 1.0%
Broadcom, Cl A* 4,000 63 Cerner* 900 30
Microchip Technology 2,200 42 ______________
NVIDIA* 3,447 27
_____________________________________________________________________ Total Medical Information Systems 30
_____________________________________________________________________
58
_____________________________________________________________________ _____________________________________________________________________
Description Shares Value (000) Description Shares Value (000)
_____________________________________________________________________ _____________________________________________________________________
Medical Instruments - 3.0% Retail-Major Department Store - - 1.0%
NuVasive* 800 $ 30 TJX 1,500 $ 29
St. Jude Medical* 1,600 58 ______________
______________
Total Retail-Major Department Store 29
Total Medical Instruments 88 _____________________________________________________________________
_____________________________________________________________________
Retail-Restaurants - - 3.9%
Medical-Biomedical/Genetic - 4.2% Burger King Holdings 3,154 70
Celgene* 1,134 60 Yum! Brands 1,600 46
OSI Pharmaceuticals* 800 29 ______________
Vertex Pharmaceuticals* 1,000 33
______________ Total Retail-Restaurants 116
_____________________________________________________________________
Total Medical-Biomedical/Genetic 122
_____________________________________________________________________ S&L/Thrifts-Eastern US - 1.0%
People's United Financial 1,800 29
Metal-Iron - 0.9% ______________
Cliffs Natural Resources 1,200 28
______________ Total S&L/Thrifts-Eastern US 29
_____________________________________________________________________
Total Metal-Iron 28
_____________________________________________________________________ Schools - 1.7%
Strayer Education 225 49
Networking Products - 1.7% ______________
Juniper Networks* 3,449 49
______________ Total Schools 49
_____________________________________________________________________
Total Networking Products 49
_____________________________________________________________________ Semiconductor Equipment - 3.3%
Kla-Tencor 1,500 30
Oil Companies-Exploration & Production - 6.2% Varian Semiconductor Equipment
Comstock Resources* 1,300 50 Associates* 3,490 66
Continental Resources* 2,700 56 ______________
Southwestern Energy* 1,372 43
Ultra Petroleum* 939 34 Total Semiconductor Equipment 96
______________ _____________________________________________________________________
Total Oil Companies-Exploration & Production 183 Therapeutics - 1.4%
_____________________________________________________________________ Onyx Pharmaceuticals* 1,300 40
______________
Oil Field Machinery & Equipment - 2.7%
Cameron International* 1,600 37 Total Therapeutics 40
National Oilwell Varco* 1,600 42 _____________________________________________________________________
______________
Transport-Rail - - 1.1%
Total Oil Field Machinery & CSX 1,151 33
Equipment �� 79 ______________
_____________________________________________________________________
Total Transport-Rail 33
Oil-Field Services - 1.7% _____________________________________________________________________
Oceaneering International* 1,450 50
______________ Transport-Truck - - 5.6%
JB Hunt Transport Services 2,703 60
Total Oil-Field Services 50 Landstar System 1,492 54
_____________________________________________________________________ Old Dominion Freight Line* 2,000 50
______________
Quarrying - 1.0%
Vulcan Materials 600 30 Total Transport-Truck 164
______________ _____________________________________________________________________
Total Quarrying 30 Web Hosting/Design - 2.3%
_____________________________________________________________________ Equinix* 1,268 68
______________
Retail-Apparel/Shoe - 2.8%
Ross Stores 2,800 82 Total Web Hosting/Design 68
______________ _____________________________________________________________________
Total Retail-Apparel/Shoe 82 Wireless Equipment - 2.5%
_____________________________________________________________________ American Tower, Cl A* 2,368 72
______________
Retail-Auto Parts - 1.6%
O'Reilly Automotive* 1,600 47 Total Wireless Equipment 72
______________ ______________
Total Retail-Auto Parts 47 Total Common Stock (Cost $3,735) 2,931
_____________________________________________________________________ _____________________________________________________________________
Retail-Discount - 1.5% Total Investments - 99.9% (Cost $3,735) 2,931
Dollar Tree* 1,000 43 _____________________________________________________________________
______________
Other Assets and Liabilities, Net - 0.1% 3
Total Retail-Discount 43 _____________________________________________________________________
_____________________________________________________________________
Total Net Assets - 100.0% $ 2,934
_____________________________________________________________________
For descriptions of abbreviations and footnotes, please refer to
page 60.
The accompanying notes are an integral part of the financial statements.
59
NOTES TO SCHEDULE OF INVESTMENTS
____________________________________________________________________________________________________________________________________
* Non-income producing security.
144A - Security exempt from registration under Rule 144A of the securities Act of 1933. This security may be resold in the
transactions exempt from registration, normally to qualified institutional buyers. On January 31, 2009, the value of these
securities amounted to $191 (000), representing 1.5% of the net assets of the Old Mutual Clay Finlay Emerging Markets Fund
and $337 (000), representing 0.6% of the net assets of the Old Mutual International Equity Fund.
(A) - The rate reported represents the 7-day effective yield as of January 31, 2009.
(B) - All or a portion of this security is held as cover for securities sold short, forward foreign currency contracts or open
written option contracts.
(C) - All or a portion of this security is held as required margin for open futures contracts. The rate reported on the Schedule of
Investments represents the effective yield at the time of purchase.
(D) - Security fair valued using methods determined in good faith according to procedures adopted by the Valuation Committee
designated by the Board of Trustees. On January 31, 2009, the aggregate value of these securities was $271 (000), representing
1.2% of the net assets of the Old Mutual Clay Finlay China Fund, $174 (000), representing 1.4% of the net assets of the Old
Mutual Clay Finlay Emerging Markets Fund and $0 (000), representing 0.0% of the net assets of the Old Mutual International
Equity Fund.
ADR - American Depositary Receipt
AUD - Australian Dollar
BRL - Brazilian Real
CAD - Canadian Dollar
CHF - Swiss Franc
Cl - Class
CNY - China Yuan Renminbi
DKK - Danish Krone
EUR - Euro
GBP - British Pound Sterling
GDR - Global Depositary Receipt
HMO - Health Maintenance Organization
INR - Indian Rupee
ISP - Internet Service Provider
JPY - Japanese Yen
MTN - Medium Term Note
NOK - Norwegian Krone
NZD - New Zealand Dollar
R&D - Research and Development
REITs - Real Estate Investment Trusts
RUB - Russian Ruble
S&L - Savings and Loan
SEK - Swedish Krona
Ser - Series
TWD - New Taiwan Dollar
Amounts designated as "-" are either $0 or have been rounded to $0.
Cost figures are shown with "000's" omitted.
60
Other Information:
The Funds utilize various inputs in determining the value of their investments as of the reporting period end. These inputs are
summarized in three broad levels as follows:
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's own assumption in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in
those securities. A summary of the inputs used as of January 31, 2009 in valuing the Fund's net assets were as follows (000):
Description Level 1 Level 2 Level 3 Total
____________________________________________________________________________________________________________________________________
Old Mutual Analytic Fund
Investments $260,475 $20,549 $- $281,024
Securities Sold Short (41,824) - - (41,824)
Futures Contracts* 2,161 - - 2,161
Written Option Contracts (13,014) - - (13,014)
Forward Foreign Currency Contracts* - (209) - (209)
Old Mutual Analytic Global Fund
Investments 4,185 4,932 - 9,117
Securities Sold Short (841) (522) - (1,363)
Futures Contracts* 98 - - 98
Written Option Contracts (340) - - (340)
Old Mutual Clay Finlay China Fund
Investments 171 22,468 - 22,639
Old Mutual Clay Finlay Emerging Markets Fund
Investments 4,540 7,789 - 12,329
Old Mutual Copper Rock Emerging Growth Fund
Investments 41,746 - - 41,746
Old Mutual International Bond Fund
Investments 900 12,343 - 13,243
Forward Currency Contracts* - 134 - 134
Old Mutual International Equity Fund
Investments 3,142 55,013 - 58,155
Old Mutual Provident Mid-Cap Growth Fund
Investments 2,931 - - 2,931
____________________________________________________________________________________________________________________________________
* Futures contracts and forward foreign currency contracts are not reflected in the Schedule of Investments and are valued at the
unrealized appreciation/depreciation of the instrument.
Refer to the "Security Valuation" section of Note 2 for further information.
61
STATEMENTS OF ASSETS & LIABILITIES (000, excluding shares)
AS OF JANUARY 31, 2009 (UNAUDITED)
_________________________________________________________________________________________________________________________________________
Old Mutual Old Mutual
Analytic Analytic Global
Fund Fund
_________________________________________________________________________________________________________________________________________
Assets:
Investment Securities, at cost $ 329,742 $ 11,276
_________________________________________________________________________________________________________________________________________
Investment Securities, at value $ 281,024 $ 9,117
Cash 1,172 228
Cash Collateral for Forward Foreign Currency Contracts 27,950 -
Foreign Currency (cost $-, $33, $1,144, $132, $-, $60, $635, $-) - 33
Unrealized Gain on Forward Foreign Currency Contracts 14,566 -
Receivable for Capital Shares Sold 85 7
Receivable from Investment Adviser 68 26
Receivable for Investment Securities Sold - 235
Receivable for Dividends and Interest 337 19
Variation Margin Receivable on Futures Contracts 1,080 75
Other Assets 31 1
_________________________________________________________________________________________________________________________________________
Total Assets 326,313 9,741
_________________________________________________________________________________________________________________________________________
Liabilities:
Payable for Investment Securities Purchased 186 47
Payable for Capital Shares Redeemed 1,041 36
Variation Margin Payable on Futures Contracts 1,042 45
Written Options Contracts, at Value (Proceeds received of $18,785, $510, $-, $-, $-, $-, $-, $-) 13,014 340
Securities Sold Short, at Value (Proceeds received of $62,069, $1,708, $-, $-, $-, $-, $-, $-) 41,824 1,363
Unrealized Loss on Forward Foreign Currency Contracts 14,775 -
Payable for Administration Fees 10 -
Payable for Distribution & Service Fees 42 2
Payable for Management Fees 224 9
Payable to Custodian - -
Payable for Trustees' Fees 17 1
Income Distribution Payable - -
Other Liabilities - -
Accrued Dividend Expense on Short Sales 25 4
Accrued Expenses 592 169
_________________________________________________________________________________________________________________________________________
Total Liabilities �� 72,792 2,016
_________________________________________________________________________________________________________________________________________
Net Assets $ 253,521 $ 7,725
_________________________________________________________________________________________________________________________________________
Net Assets:
Paid-in Capital ($0.001 par value, unlimited authorization) $ 450,718 $ 21,334
Undistributed Net Investment Income/(Accumulated Net Investment Loss) (7,589) (120)
Accumulated Net Realized Gain (Loss) on Investments, Securities Sold Short,
Futures, Written Options and Foreign Currency Transactions (168,858) (11,936)
Net Unrealized Depreciation on Investments, Securities Sold Short,
Futures, Written Options and Foreign Currency Transactions (20,750) (1,553)
_________________________________________________________________________________________________________________________________________
Net Assets $ 253,521 $ 7,725
_________________________________________________________________________________________________________________________________________
Net Assets - Class A $ 129,434 $ 3,046
Net Assets - Class C 72,240 4,464
Net Assets - Class Z 30,883 137
Net Assets - Institutional Class 20,964 78
_________________________________________________________________________________________________________________________________________
Outstanding Shares of Beneficial Interest - Class A 15,176,758 495,960
Outstanding Shares of Beneficial Interest - Class C 8,718,046 734,942
Outstanding Shares of Beneficial Interest - Class Z 3,598,130 22,316
Outstanding Shares of Beneficial Interest - Institutional Class 2,438,481 14,923
_________________________________________________________________________________________________________________________________________
Net Asset Value and Redemption Price Per Share - Class A^ $ 8.53 $ 6.14
_________________________________________________________________________________________________________________________________________
Maximum Offering Price Per Share - Class A (Net Asset Value/94.25%) $ 9.05 $ 6.51
_________________________________________________________________________________________________________________________________________
Net Asset Value and Offering Price Per Share - Class C†^ $ 8.29 $ 6.07
_________________________________________________________________________________________________________________________________________
Net Asset Value, Offering and Redemption Price Per Share - Class Z^ $ 8.58 $ 6.13
_________________________________________________________________________________________________________________________________________
Net Asset Value, Offering and Redemption Price Per Share - Institutional Class^ $ 8.60 $ 5.26
_________________________________________________________________________________________________________________________________________
Amounts designated as "-" are either $0 or have been rounded to $0.
†Class C shares have a contingent deferred sales charge. For a description of possible sales charge, please see the Fund's Prospectus.
^Net Assets divided by shares may not calculate to the stated NAV because these amounts are shown unrounded.
N/A - Not Applicable
The accompanying notes are an integral part of the financial statements.
62
____________________________________________________________________________________________________________________________________
Old Mutual Old Mutual Old Mutual
Old Mutual Clay Finlay Copper Rock Old Mutual Old Mutual Provident
Clay Finlay Emerging Emerging International International Mid-Cap
China Fund Markets Fund Growth Fund Bond Fund Equity Fund Growth Fund
____________________________________________________________________________________________________________________________________
$ 25,324 $ 17,662 $ 44,012 $ 13,895 $ 80,357 $ 3,735
____________________________________________________________________________________________________________________________________
$ 22,639 $ 12,329 $ 41,746 $ 13,243 $ 58,155 $ 2,931
- 145 - 1 - -
- - - - - -
1,081 132 - 57 625 -
- - - 613 - -
13 1 259 - 47 -
33 29 15 8 49 5
- - 786 1,518 649 250
- 24 4 214 156 1
- - - - - -
2 1 2 1 5 2
____________________________________________________________________________________________________________________________________
23,768 12,661 42,812 15,655 59,686 3,189
____________________________________________________________________________________________________________________________________
- - 1,506 1,291 612 -
90 65 18 5 20 2
- - - - - -
- - - - - -
- - - - - -
- - - 479 - -
1 1 2 1 4 -
3 - 1 - - -
38 19 38 10 55 3
- - - - 61 222
1 - 6 - 2 -
- - - 1 - -
- - - 35 - -
- - - - - -
167 119 177 37 129 28
____________________________________________________________________________________________________________________________________
300 204 1,748 1,859 883 255
____________________________________________________________________________________________________________________________________
$ 23,468 $ 12,457 $ 41,064 $ 13,796 $ 58,803 $ 2,934
____________________________________________________________________________________________________________________________________
$ 38,970 $ 26,995 $ 78,685 $ 14,668 $ 122,553 $ 9,683
(453) (84) (287) (678) 335 (17)
(12,301) (9,121) (35,068) 342 (41,865) (5,928)
(2,748) (5,333) (2,266) (536) (22,220) (804)
____________________________________________________________________________________________________________________________________
$ 23,468 $ 12,457 $ 41,064 $ 13,796 $ 58,803 $ 2,934
____________________________________________________________________________________________________________________________________
$ 9,426 $ 1,768 $ 3,001 N/A $ 582 N/A
4,826 606 583 N/A 886 N/A
3,116 788 9,915 N/A 424 N/A
6,100 9,295 27,565 $ 13,796 56,911 $ 2,934
____________________________________________________________________________________________________________________________________
920,194 250,406 481,949 �� N/A 95,865 N/A
476,564 86,520 96,326 N/A 147,202 N/A
302,565 111,648 1,577,654 N/A 69,728 N/A
589,655 1,303,222 4,355,597 1,702,154 9,322,427 552,850
____________________________________________________________________________________________________________________________________
$ 10.24 $ 7.06 $ 6.23 N/A $ 6.07 N/A
____________________________________________________________________________________________________________________________________
$ 10.86 $ 7.49 $ 6.61 N/A $ 6.44 N/A
____________________________________________________________________________________________________________________________________
$ 10.13 $ 7.00 $ 6.05 N/A $ 6.02 N/A
____________________________________________________________________________________________________________________________________
$ 10.30 $ 7.06 $ 6.28 N/A $ 6.09 N/A
____________________________________________________________________________________________________________________________________
$ 10.35 $ 7.13 $ 6.33 $ 8.11 $ 6.10 $ 5.31
____________________________________________________________________________________________________________________________________
63
STATEMENTS OF OPERATIONS (000)
FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2009 (UNAUDITED)
__________________________________________________________________________________________________________________________________________________
Old Mutual Old Mutual
Analytic Analytic Global
Fund Fund
__________________________________________________________________________________________________________________________________________________
Investment Income:
Dividends $ 3,971 $ 157
Interest 369 10
Less: Foreign Taxes Withheld - (5)
__________________________________________________________________________________________________________________________________________________
Total Investment Income 4,340 162
__________________________________________________________________________________________________________________________________________________
Expenses:
Management Fees 1,727 76
Administration Fees 182 7
Distribution and Service Fees:
Class A 240 7
Class C 528 35
Trustees' Fees 52 1
Custodian Fees 32 51
Professional Fees 115 6
Registration and SEC Fees 134 89
Printing Fees 122 2
Transfer Agent Fees 508 18
Offering Costs - -
Dividend Expense on Securities Sold Short 738 20
Interest Expense on Securities Sold Short 297 16
Pricing Fees 6 40
Other Expenses 47 4
__________________________________________________________________________________________________________________________________________________
Total Expenses 4,728 372
__________________________________________________________________________________________________________________________________________________
Less:
Net Waiver of Management Fees (564) (76)
Reimbursement of Other Expenses by Investment Adviser - (107)
Expense Reduction (1) (3) -
__________________________________________________________________________________________________________________________________________________
Net Expenses 4,161 189
__________________________________________________________________________________________________________________________________________________
Net Investment Income (Loss) 179 (27)
__________________________________________________________________________________________________________________________________________________
Net Increase from Payment by Affiliate (2) - -
Net Realized Loss from Investment Transactions (including Securities Sold Short) (92,660) (4,942)
Net Realized Gain (Loss) on Foreign Currency Transactions (28,718) (49)
Net Realized Loss on Futures Contracts (12,595) (1,545)
Net Realized Gain on Written Options Contracts 31,879 902
Net Change in Unrealized Appreciation (Depreciation) on Investments (including Securities Sold Short) (41,653) (958)
Net Change in Unrealized Appreciation (Depreciation) on
Forward Foreign Currency Contracts and Foreign Currency Transactions (7,989) (18)
Net Change in Unrealized Appreciation on Futures Contracts 8,223 263
Net Change in Unrealized Appreciation on Written Option Contracts 8,134 221
__________________________________________________________________________________________________________________________________________________
Net Realized and Unrealized Loss on Investments (135,379) (6,126)
__________________________________________________________________________________________________________________________________________________
Decrease in Net Assets Resulting from Operations $(135,200) $(6,153)
__________________________________________________________________________________________________________________________________________________
Amounts designated as "-" are either $0 or have been rounded to $0.
(1) All expense reductions are for transfer agent expenses. See note 2.
(2) See Note 2.
The accompanying notes are an integral part of the financial statements.
64
_____________________________________________________________________________________________________________________________________
Old Mutual Old Mutual Old Mutual
Old Mutual Clay Finlay Copper Rock Old Mutual Old Mutual Provident
Clay Finlay Emerging Emerging International International Mid-Cap
China Fund Markets Fund Growth Fund Bond Fund Equity Fund Growth Fund
_____________________________________________________________________________________________________________________________________
$ 325 $ 168 $ 84 $ 5 $ 989 $ 62
- - - 325 - -
(1) (13) - (4) (59) -
_____________________________________________________________________________________________________________________________________
324 155 84 326 930 62
_____________________________________________________________________________________________________________________________________
199 89 247 55 409 65
15 8 27 9 41 7
15 3 10 - 1 -
33 4 4 - 7 -
3 2 9 2 8 2
30 33 9 12 52 2
9 10 21 9 28 11
91 90 106 19 94 19
12 5 4 1 2 1
69 23 44 1 16 1
- - - (12) - (12)
- - - - - -
- - - - - -
12 11 1 3 49 -
7 4 6 3 11 3
_____________________________________________________________________________________________________________________________________
495 282 488 102 718 99
_____________________________________________________________________________________________________________________________________
(199) (89) (117) (15) (288) (20)
(7) (77) - - - -
- - - - (1) -
_____________________________________________________________________________________________________________________________________
289 116 371 87 429 79
_____________________________________________________________________________________________________________________________________
35 39 (287) 239 501 (17)
_____________________________________________________________________________________________________________________________________
1 - - - - -
(7,970) (6,355) (22,747) (483) (32,761) (5,191)
11 (77) - 878 (403) -
- - - - - -
- - - - - -
(6,033) (5,100) (6,437) (1,483) (18,290) (4,131)
(60) - - 288 (19) -
- - - - - -
- - - - - -
_____________________________________________________________________________________________________________________________________
(14,051) (11,532) (29,184) (800) (51,473) (9,322)
_____________________________________________________________________________________________________________________________________
$(14,016) $(11,493) $(29,471) $ (561) $(50,972) $(9,339)
_____________________________________________________________________________________________________________________________________
65
STATEMENTS OF CHANGES IN NET ASSETS (000)
_________________________________________________________________________________________________________________________________________________
Old Mutual Old Mutual
Analytic Analytic Global
Fund Fund
_________________________________________________________________________________________________________________________________________________
8/1/08 to 8/1/07 to 8/1/08 to 8/1/07 to
1/31/09 7/31/08 1/31/09 7/31/08
(Unaudited) (Unaudited)
_________________________________________________________________________________________________________________________________________________
Investment Activities:
Net Investment Income (Loss) $ 179 $ 1,676 $ (27) $ (21)
Net Increase in Payment by Affiliates(3) - - - -
Net Realized Gain (Loss) from Investments (including Securities Sold Short),
Written Option Contracts, Futures Contracts, Forward Foreign Currency
Contracts and Foreign Currency Transactions (102,094) (51,916) (5,634) (5,659)
Net Change in Unrealized Appreciation (Depreciation) on
Investments (including Securities Sold Short)
Forward Foreign Currency Contracts, Foreign Currency Transactions,
Futures Contracts, and Written Option Contracts (33,285) (62,341) (492) (409)
_________________________________________________________________________________________________________________________________________________
Net Increase (Decrease) in Net Assets Resulting from Operations (135,200) (112,581) (6,153) (6,089)
_________________________________________________________________________________________________________________________________________________
Dividends and Distributions to Shareholders From:
Net Investment Income:
Class A - (6,464) (48) (107)
Class C - (4,772) - (180)
Class Z - (1,127) (3) (3)
Institutional Class - (332) (13) (13)
Net Realized Gains from Investment Transactions:
Class A - (24,205) - (567)
Class C - (14,546) - (668)
Class Z - (4,676) - (19)
Institutional Class - (1,345) - (99)
_________________________________________________________________________________________________________________________________________________
Total Dividends and Distributions - (57,467) (64) (1,656)
_________________________________________________________________________________________________________________________________________________
Capital Share Transactions:
Class A
Shares Issued 20,186 144,569 539 9,941
Shares Issued upon Reinvestment of Distributions - 22,563 13 280
Redemption Fees 5 9 - -
Shares Redeemed (103,865) (398,594) (3,497) (22,590)
_________________________________________________________________________________________________________________________________________________
Total Class A Capital Share Transactions (83,674) (231,453) (2,945) (12,369)
_________________________________________________________________________________________________________________________________________________
Class C
Shares Issued 1,640 44,940 166 4,241
Shares Issued upon Reinvestment of Distributions - 6,844 - 363
Redemption Fees - - - -
Shares Redeemed (48,530) (178,863) (3,361) (9,272)
_________________________________________________________________________________________________________________________________________________
Total Class C Capital Share Transactions (46,890) (127,079) (3,195) (4,668)
_________________________________________________________________________________________________________________________________________________
Class Z
Shares Issued 964 13,094 8 80
Shares Issued upon Reinvestment of Distributions - 5,672 3 22
Shares Redeemed (12,871) (73,642) (279) (9)
_________________________________________________________________________________________________________________________________________________
Total Class Z Capital Share Transactions (11,907) (54,876) (268) 93
_________________________________________________________________________________________________________________________________________________
Institutional Class
Shares Issued 1,220 5,930 - -
Shares Issued upon Reinvestment of Distributions - 1,673 13 112
Shares Redeemed (973) (7,755) (2,020) -
_________________________________________________________________________________________________________________________________________________
Total Institutional Class Capital Share Transactions 247 (152) (2,007) 112
_________________________________________________________________________________________________________________________________________________
Increase (Decrease) in Net Assets Derived from Capital Shares Transactions (142,224) (413,560) (8,415) (16,832)
_________________________________________________________________________________________________________________________________________________
Total Increase (Decrease) in Net Assets (277,424) (583,608) (14,632) (24,577)
_________________________________________________________________________________________________________________________________________________
Net Assets:
Beginning of Period 530,945 1,114,553 22,357 46,934
_________________________________________________________________________________________________________________________________________________
End of Period $ 253,521 $ 530,945 $ 7,725 $ 22,357
_________________________________________________________________________________________________________________________________________________
Undistributed Net Investment Income/(Accumulated Net Investment Loss) $ (7,589) $ (7,768) $ (120) $ (29)
_________________________________________________________________________________________________________________________________________________
* Inception date of the Fund.
Amounts designated as "-" are either $0 or have been rounded to $0.
(1) During the year ended July 31, 2008, the Old Mutual Copper Rock Emerging Growth Fund disbursed to a redeeming shareholder portfolio securities
and cash valued at $50,385 on the date of redemption.
(2) During the year ended July 31, 2008, the Old Mutual Clay Finlay Emerging Markets Fund, Old Mutual International Bond Fund, Old Mutual
International Equity Fund and Old Mutual Provident Mid-Cap Growth Fund received from new shareholders portfolio securities and cash valued at
$25,767, $22,766, $94,796 and $25,276, respectively, on the date of the subscription.
(3) See Note 2.
The accompanying notes are an integral part of the financial statements.
66
Old Mutual Old Mutual
Old Mutual Clay Finlay Copper Rock Old Mutual Old Mutual Old Mutual
Clay Finlay Emerging Emerging International International Provident Mid-Cap
China Fund Markets Fund Growth Fund Bond Fund Equity Fund Growth Fund
_____________________________________________________________________________________________________________________________________________________________________________
8/1/08 to 8/1/07 to 8/1/08 to 8/1/07 to 8/1/08 to 8/1/07 to 8/1/08 to 11/19/07* to 8/1/08 to 8/1/07 to 8/1/08 to 11/19/07* to
1/31/09 7/31/08 1/31/09 7/31/08 1/31/09 7/31/08 1/31/09 7/31/08 1/31/09 7/31/08 1/31/09 7/31/08
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
_____________________________________________________________________________________________________________________________________________________________________________
$ 35 $ 7 $ 39 $ 365 $ (287) $ (869) $ 239 $ 560 $ 501 $ 1,742 $ (17) $ (164)
1 - - 6 - 1 - - - - ; - -
(7,959) 641 (6,432) (2,781) (22,747) (217) 395 2,491 (33,164) (8,663) (5,191) (612)
(6,093) (10,026) (5,100) (2,042) (6,437) (5,848) (1,195) 659 (18,309) (5,301) (4,131) 3,327
_____________________________________________________________________________________________________________________________________________________________________________
(14,016) (9,378) (11,493) (4,452) (29,471) (6,933) (561) 3,710 (50,972) (12,222) (9,339) 2,551
_____________________________________________________________________________________________________________________________________________________________________________
(182) (46) (39) - - - - - (11) (7) - & #160; -
(18) (78) (4) - - - - - (1) (13) - 60; -
(73) (3) (22) - - - - - (11) (2) - 60; -
(187) - (331) - - - (2,740) (545) (1,749) (173) - -
- (5,842) - (110) - (2,997) - - - (18) - 60; -
- (3,380) - (44) - (75) - - - (17) - & #160; -
- (1,497) - (49) - (169) - - - (8) - & #160; -
- (4,804) - (612) - (2,078) (550) - - (661) - -
_____________________________________________________________________________________________________________________________________________________________________________
(460) (15,650) (396) (815) - (5,319) (3,290) (545) (1,772) (899) - -
_____________________________________________________________________________________________________________________________________________________________________________
2,067 13,134 485 3,564 3,941 24,752 - - 14 2,344 - -
120 4,289 25 72 - 1,884 - - 7 17 - 60; -
- - - - 1 3 - - - - ; - -
(4,586) (16,213) (1,441) (2,593) (7,544) (41,298) - - (573) (2,111) - -
_____________________________________________________________________________________________________________________________________________________________________________
(2,399) 1,210 (931) 1,043 (3,602) (14,659) - - (552) 250 - -
_____________________________________________________________________________________________________________________________________________________________________________
309 6,819 145 971 97 820 - - 88 2,120 - 0; -
9 1,736 2 27 - 45 - - - 11 - 60; -
- 1 - - - - - - - - ; - -
(2,203) (8,618) (386) (828) (94) (163) - - (524) (644) - -
_____________________________________________________________________________________________________________________________________________________________________________
(1,885) (62) (239) 170 3 702 - - (436) 1,487 - -
_____________________________________________________________________________________________________________________________________________________________________________
281 8,593 172 2,734 6,695 17,455 - - 27 736 - -
71 1,466 21 47 - 169 - - 11 10 - ; -
(795) (5,027) (772) (1,220) (5,819) (1,414) - - (513) (214) - -
_____________________________________________________________________________________________________________________________________________________________________________
(443) 5,032 (579) 1,561 876 16,210 - - (475) 532 - -
_____________________________________________________________________________________________________________________________________________________________________________
6 23 1,670 26,588 (2) 16,261 33,502 761 26,348 (2) 3,283 127,568 (2) 152 29,007 (2)
187 4,804 331 613 - 2,077 3,290 544 1,746 814 - -
(4) (10,650) (456) (11,352) (5,324) (66,883) (1) (9,743) (6,718) (10,698) (13,259) (16,792) (2,645)
_____________________________________________________________________________________________________________________________________________________________________________
189 (5,823) 1,545 15,849 10,937 (31,304) (5,692) 20,174 (5,669) 115,123 (16,640) 26,362
_____________________________________________________________________________________________________________________________________________________________________________
(4,538) 357 (204) 18,623 8,214 (29,051) (5,692) 20,174 (7,132) 117,392 (16,640) 26,362
_____________________________________________________________________________________________________________________________________________________________________________
(19,014) (24,671) (12,093) 13,356 (21,257) (41,303) (9,543) 23,339 (59,876) 104,271 (25,979) 28,913
_____________________________________________________________________________________________________________________________________________________________________________
42,482 67,153 24,550 11,194 62,321 103,624 23,339 - 118,679 14,408 28,913 -
_____________________________________________________________________________________________________________________________________________________________________________
$ 23,468 $42,482 $ 12,457 $ 24,550 $ 41,064 $ 62,321 $ 13,796 $ 23,339 $ 58,803 $118,679 $ 2,934 $ 28,913
_____________________________________________________________________________________________________________________________________________________________________________
$ (453) $ (28) $ (84) $ 273 $ (287) $ - $ (678) $ 1,823 $ 335 $ 1,606 $ (17) $ -
_____________________________________________________________________________________________________________________________________________________________________________
67
STATEMENTS OF CASH FLOWS (000)
FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2009 (UNAUDITED)
______________________________________________________________________________________________________________________________________________
Old Mutual Old Mutual
Analytic Analytic Global
Fund Fund
______________________________________________________________________________________________________________________________________________
Cash Flows Provided From (Used in) Operating Activities:
Interest and Dividends Received (Excludes Net Amortization/Accretion of $229 and $12, respectively) $ 9,329 $ 187
Purchases of Long-term Portfolio Investments (349,685) (18,807)
Proceeds from Sales of Long-term Portfolio Investments 489,383 27,858
Decrease in Payable Due to Custodian (2,813) -
Net Cash used for Futures Contracts (5,165) (1,128)
Net Cash used for Purchased Option Contracts (2,300) (88)
Net Cash Provided from Written Option Contracts 36,282 736
Net Decrease in Short-term Investments 22,944 1,959
Net Loss on Foreign Forward Currency Contracts (25,584) -
Net Loss on Foreign Currency Transactions (3,134) (67)
Net Cash used in Short Sales Transactions (17,041) (1,775)
Interest Expense Paid (297) (16)
Operating Expenses Paid (4,090) (132)
______________________________________________________________________________________________________________________________________________
Net Cash Provided From Operating Activities 147,829 8,727
______________________________________________________________________________________________________________________________________________
Cash Flows Provided From (Used in) Financing Activities:
Decrease in Shares of Beneficial Interest Sold (143,268) (8,593)
Cash Dividends Paid, Excluding Reinvestment of $0 and $29, respectively - (35)
Increase in Deposits with Brokers for Collateral (3,919) -
______________________________________________________________________________________________________________________________________________
Net Cash Used in Financing Activities (147,187) (8,628)
______________________________________________________________________________________________________________________________________________
Net Increase in Cash 642 99
Cash at Beginning of Year 530 162
______________________________________________________________________________________________________________________________________________
Cash at End of Year $ 1,172 $ 261
______________________________________________________________________________________________________________________________________________
Reconciliation of Net Decrease in Net Assets from Operations to
Net Cash Provided from Operating Activities:
Net Decrease in Net Assets Resulting from Operations $(135,200) $ (6,153)
______________________________________________________________________________________________________________________________________________
Decrease in Investments 279,727 15,325
Decrease in Written Options Contracts (6,020) (475)
Accretion of Discount on Investments (229) (12)
Decrease in Dividends and Interest Receivable 5,218 37
Increase in Payable for Securities Purchased 186 47
Increase in Receivable for Securities Sold - (235)
Increase (Decrease) in Variation Margin Payable (793) 154
Increase in Payable for Foreign Forward Currency Contracts 7,978 -
Decrease in Other Assets 85 1
Decrease in Payable Due to Custodian (2,813) -
Increase (Decrease) in Accrued Expenses (310) 38
______________________________________________________________________________________________________________________________________________
Total Adjustments 283,029 14,880
______________________________________________________________________________________________________________________________________________
Net Cash Provided From Operating Activities $ 147,829 $ 8,727
______________________________________________________________________________________________________________________________________________
Amounts designated as "-" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
68
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD ENDED JULY 31, (UNLESS OTHERWISE NOTED) AND FOR THE SIX-MONTH PERIOD ENDED
JANUARY 31, 2009 (UNAUDITED)
60; Ratio of
60; Expenses
Realized & #160; to Average Net Ratio of Net
Net and Net Net 60; Assets Investment
Asset Net Unrealized Dividends Distributions Total Asset Assets Ratio (Excluding Income
Value Investment Gains Total from Net from Dividends Value End of Expenses Waivers and (Loss) Portfolio
Beginning Income (Losses) on Redemption from Investment Capital and End Total of Period to Average Expense to Average Turnover
of Period (Loss)* Securities* Fees Operations Income Gains Distributions of Period Return† (000) Net Assets†† Reductions)†† Net Assets† Rate†
________________________________________________________________________________________________________________________________________________________________________________________________________________
OLD MUTUAL ANALYTIC FUND (1)
Class A
2009 $11.88 $ 0.01 $(3.36) $ - $(3.35) $ - $ - $ - $ 8.53 (28.20)% $ 129,434 2.12% (5) 2.45% 0.27% 89.11%
2008 14.51 0.05 (1.80) - (1.75) (0.18) (0.70) (0.88) 11.88 (12.60)% 285,305 1.92% (5) 2.13% 0.40% 171.50%
2007 13.21 0.08 1.24 - 1.32 (0.02) - (0.02) 14.51 9.99% 607,810 1.54% (5) 1.96% 0.55% 183.98%
2006 (4) 12.84 0.05 0.32# - 0.37 - - - 13.21 2.88%# 295,095 1.51% (5) 2.18% 0.57% 59.61%
2005 (2) 12.30 0.05 1.09 - 1.14 (0.27) (0.33) (0.60) 12.84 9.27% 129,960 1.98% (5) 2.06% 0.64% 81.00%
Class C
2009 $11.59 $(0.02) $(3.28) $ - $(3.30) $ - $ - $ - $ 8.29 (28.47)% $ 72,240 2.87% (5) 3.09% (0.48)% 89.11%
2008 14.32 (0.04) (1.77) - (1.81) (0.22) (0.70) (0.92) 11.59 (13.23)% 158,508 2.65% (5) 2.85% (0.34)% 171.50%
2007 13.11 (0.03) 1.24 - 1.21 - - - 14.32 9.24% 340,569 2.29% (5) 2.67% (0.19)% 183.98%
2006 (4) 12.81 (0.01) 0.31# - 0.30 - - - 13.11 2.34%# 202,766 2.26% (5) 2.86% (0.17)% 59.61%
2005 (2) 12.30 (0.01) 1.09 - 1.08 (0.24) (0.33) (0.57) 12.81 8.78% 86,752 2.61% (5) 2.68% (0.09)% 81.00%
Class Z (3)
2009 $11.94 $ 0.03 $(3.39) $ - $(3.36) $ - $ - $ - $ 8.58 (28.14)% $ 30,883 1.87% (5) 2.31% 0.52% 89.11%
2008 14.54 0.09 (1.82) - (1.73) (0.17) (0.70) (0.87) 11.94 (12.46)% 58,107 1.64% (5) 1.86% 0.68% 171.50%
2007 13.21 0.12 1.24 - 1.36 (0.03) - (0.03) 14.54 10.33% 130,928 1.29% (5) 1.66% 0.84% 183.98%
2006 (4) 12.82 0.06 0.33# - 0.39 - - - 13.21 3.04%# 140,795 1.26% (5) 1.82% 0.72% 59.61%
2005 11.66 0.10 1.69 - 1.79 (0.30) (0.33) (0.63) 12.82 15.36% 227,265 1.36% (5) 1.44% 0.78% 81.00%
2004 11.10 0.09 0.99 - 1.08 (0.19) (0.33) (0.52) 11.66 9.87% 57,171 1.17% (5) 1.70% 0.75% 152.00%
2003 9.09 0.08 2.01 - 2.09 (0.08) - (0.08) 11.10 23.13% 44,693 1.30% (5) 2.27% 0.79% 241.00%
Institutional Class
2009 $11.96 $ 0.03 $(3.39) $ - $(3.36) $ - $ - $ - $ 8.60 (28.09)% $ 20,964 1.83% (5) 2.18% 0.57% 89.11%
2008 14.54 0.09 (1.81) - (1.72) (0.16) (0.70) (0.86) 11.96 (12.33)% 29,025 1.63% (5) 1.89% 0.70% 171.50%
2007 13.21 0.12 1.24 - 1.36 (0.03) - (0.03) 14.54 10.34% 35,246 1.24% (5) 1.60% 0.82% 183.98%
2006 (4) 12.82 0.08 0.31# - 0.39 - - - 13.21 3.04%# 6,833 1.21% (5) 2.11% 0.97% 59.61%
2005*** 13.45 0.01 (0.10) - (0.09) (0.21) (0.33) (0.54) 12.82 (0.63)% 2 1.27% (5) 2.12% 1.55% 81.00%
________________________________________________________________________________________________________________________________________________________________________________________________________________
OLD MUTUAL ANALYTIC GLOBAL FUND^^
Class A
2009 $ 9.22 $ - $(3.00) $ - $(3.00) $(0.08) $ - $ (0.08) $ 6.14 (32.60)% $ 3,046 2.51%††† 4.80% (0.06)% 127.14%
2008 11.36 0.01 (1.68) - (1.67) (0.07) (0.40) (0.47) 9.22 (15.12)% 8,606 2.41%††† 2.96% 0.07% 268.22%
2007 10.05 0.08 1.25 - 1.33 (0.02) - (0.02) 11.36 13.27% 24,417 2.55%††† 3.19% 0.68% 17 3.28%
2006 10.00 (0.02) 0.07 - 0.05 - - - 10.05 0.50% 257 2.80%††† 12.44% (1.19)% 19.97%
Class C
2009 $ 9.04 $(0.03) $(2.94) $ - $(2.97) $ - $ - $ - $ 6.07 (32.85)% $ 4,464 3.26%††† 5.37% (0.81)% 127.14%
2008 11.26 (0.05) (1.67) - (1.72) (0.10) (0.40) (0.50) 9.04 (15.76)% 10,799 3.19%††† 3.74% (0.54)% 268.22%
2007 10.03 (0.02) 1.25 - 1.23 - - - 11.26 12.30% 19,136 3.30%††† 4.07% (0.16)% &# 160; 173.28%
2006 10.00 (0.03) 0.06 - 0.03 - - - 10.03 0.30% 111 3.55%††† 24.73% (1.87)% 19.97%
Class Z
2009 $ 9.28 $ 0.01 $(3.03) $ - $(3.02) $(0.13) $ - $ (0.13) $ 6.13 (32.53)% $ 137 2.24%††† 22.63% 0.21% 127.14%
2008 11.38 0.18 (1.82) - (1.64) (0.06) (0.40) (0.46) 9.28 (14.83)% 515 2.22%††† 6.98% 1.75% 268.22%
2007 10.04 0.15 1.21 - 1.36 (0.02) - (0.02) 11.38 13.52% 526 2.30%††† 17.92% 1.28% 0; 173.28%
2006 10.00 - 0.04 - 0.04 - - - 10.04 0.40% 1 2.55%††† 612.91% (0.27)% 19.97%
Institutional Class
2009 $ 9.33 $ 0.02 $(3.05) $ - $(3.03) $(1.04) $ - $ (1.04) $ 5.26 (32.53)% $ 78 1.87%††† 8.74% 0.63% 127.14%
2008 11.40 0.18 (1.80) - (1.62) (0.05) (0.40) (0.45) 9.33 (14.64)% 2,437 1.91%††† 3.18% 1.78% 268.22%
2007 10.05 0.11 1.27 - 1.38 (0.03) - (0.03) 11.40 13.79% 2,855 2.00%††† 3.71% 0.96% 60;173.28%
2006 10.00 - 0.05 - 0.05 - - - 10.05 0.50% 2,510 2.26%††† 6.77% 0; (0.01)% 19.97%
________________________________________________________________________________________________________________________________________________________________________________________________________________
The accompanying notes are an integral part of the financial statements.
69
FINANCIAL HIGHLIGHTS - continued
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD ENDED JULY 31, (UNLESS OTHERWISE NOTED)
AND FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2009 (UNAUDITED)
60; Ratio of
60; Expenses
Realized & #160; to Average Net Ratio of Net
Net and Net Net 60; Assets Investment
Asset Net Unrealized Dividends Distributions Total Asset Assets Ratio (Excluding Income
Value Investment Gains Total from Net from Dividends Value End of Expenses Waivers and (Loss) Portfolio
Beginning Income (Losses) on Redemption from Investment Capital and End Total of Period to Average Expense to Average Turnover
of Period (Loss)* Securities* Fees Operations Income Gains Distributions of Period Return† (000) Net Assets†† Reductions)†† Net Assets†† Rate†
________________________________________________________________________________________________________________________________________________________________________________________________________________
OLD MUTUAL CLAY FINLAY CHINA FUND^
Class A
2009 $15.81 $ 0.02 $(5.39)# $ - $(5.37) $(0.20) $ - $(0.20) $10.24 (34.11)%# $ 9,426 1.95% 3.13% 0.27% 46.76%
2008 22.46 (0.01) (1.73) - (1.74) (0.03) (4.88) (4.91) 15.81 (13.91)% 17,927 2.02% 2.34% (0.06)% 178.32%
2007 13.23 0.06 9.59 - 9.65 (0.05) (0.37) (0.42) 22.46 73.81% 25,976 2.10% 2.42% 0.31% 193.08%
2006 10.00 0.01 3.22 - 3.23 - - - 13.23 32.30% 2,532 2.10% 6.65% 0.12% 50.80%
Class C
2009 $15.48 $(0.03) $(5.28)# $ - $(5.31) $(0.04) $ - $(0.04) $10.13 (34.35)%# $ 4,826 2.70% 4.25% (0.48)% 46.76%
2008 22.26 (0.17) (1.64) - (1.81) (0.09) (4.88) (4.97) 15.48 (14.49)% 9,991 2.77% 3.15% (0.85)% 178.32%
2007 13.18 (0.06) 9.52 0.01 9.47 (0.02) (0.37) (0.39) 22.26 72.67% 15,497 2.85% 3.33% (0.33)% 193.08%
2006 10.00 (0.06) 3.24 - 3.18 - - - 13.18 31.80% 793 2.85% 11.53% ;(0.76)% 50.80%
Class Z
2009 $15.96 $ 0.03 $(5.44)# $ - $(5.41) $(0.25) $ - $(0.25) $10.30 (34.06)%# $ 3,116 1.70% 4.08% 0.46% 46.76%
2008 22.55 0.04 (1.74) - (1.70) (0.01) (4.88) (4.89) 15.96 (13.64)% 5,333 1.76% 2.55% 0.21% 178.32%
2007 13.25 0.02 9.71 - 9.73 (0.06) (0.37) (0.43) 22.55 74.36% 3,377 1.85% 5.59% 0.12% 193.08%
2006 10.00 (0.03) 3.28 - 3.25 - - - 13.25 32.50% 24 1.85% 259.40% ;(0.46)% 50.80%
Institutional Class
2009 $16.10 $ 0.04 $(5.46)# $ - $(5.42) $(0.33) $ - $(0.33) $10.35 (33.89)%# $ 6,100 1.40% 2.51% 0.73% 46.76%
2008 22.65 0.13 (1.80) - (1.67) - (4.88) (4.88) 16.10 (13.41)% 9,231 1.47% 1.76% 0.62% 178.32%
2007 13.27 0.19 9.63 - 9.82 (0.07) (0.37) (0.44) 22.65 74.91% 22,303 1.55% 1.75% 1.06% 193.08%
2006 10.00 0.08 3.19 - 3.27 - - - 13.27 32.70% 12,622 1.55% 2.58% ; 1.07% 50.80%
________________________________________________________________________________________________________________________________________________________________________________________________________________
OLD MUTUAL CLAY FINLAY EMERGING MARKETS FUND^
Class A
2009 $14.23 $ - $(7.01) $ - $(7.01) $(0.16) $ - $(0.16) $ 7.06 (49.36)% $ 1,768 2.00% 4.81% 0.10% 39.73%
2008 15.74 0.12 (1.26) - (1.14) - (0.37) (0.37) 14.23 (7.69)% 4,857 2.03% 2.65% 0.72% 110.64%
2007 11.08 (0.04) 5.14 - 5.10 (0.01) (0.43) (0.44) 15.74 46.67% 4,474 2.10% 3.08% (0.25)% 97.77%
2006 10.00 (0.01) 1.09 - 1.08 - - - 11.08 10.80% 346 2.10% 21.06% ;(0.22)% 82.86%
Class C
2009 $13.96 $(0.03) $(6.89) $ - $(6.92) $(0.04) $ - $(0.04) $ 7.00 (49.59)% $ 606 2.75% 9.65% (0.71)% 39.73%
2008 15.58 (0.01) (1.24) - (1.25) - (0.37) (0.37) 13.96 (8.48)% 1,531 2.75% 4.37% (0.03)% 110.64%
2007 11.04 (0.14) 5.12 - 4.98 (0.01) (0.43) (0.44) 15.58 45.70% 1,588 2.85% 6.57% (0.98)% 97.77%
2006 10.00 (0.07) 1.11 - 1.04 - - - 11.04 10.40% 85 2.85% 55.88% (1.05)% 82.86%
Class Z
2009 $14.33 $ 0.01 $(7.08) $ - $(7.07) $(0.20) $ - $(0.20) $ 7.06 (49.45)% $ 788 1.75% 7.61% 0.24% 39.73%
2008 15.82 0.18 (1.30) - (1.12) - (0.37) (0.37) 14.33 (7.52)% 2,218 1.79% 3.19% 1.12% 110.64%
2007 11.10 0.04 5.11 - 5.15 - (0.43) (0.43) 15.82 47.04% 1,013 1.85% 12.56% 0.26% &# 160;97.77%
2006 10.00 (0.01) 1.11 - 1.10 - - - 11.10 11.00% 1 1.85% 1,988.70% (0.1 8)% 82.86%
Institutional Class
2009 $14.52 $ 0.03 $(7.15) $ - $(7.12) $(0.27) $ - $(0.27) $ 7.13 (49.16)% $ 9,295 1.25% 2.48% 0.74% 39.73%
2008 15.93 0.28 (1.32) - (1.04) - (0.37) (0.37) 14.52 (6.96)% 15,944 1.29% 1.73% 1.67% 110.64%
2007 11.13 0.07 5.17 - 5.24 (0.01) (0.43) (0.44) 15.93 47.79% 4,119 1.35% 2.13% 0.49% 97.77%
2006 10.00 0.02 1.11 - 1.13 - - - 11.13 11.30% 2,779 1.35% 4.28% 0.32% 82.86%
________________________________________________________________________________________________________________________________________________________________________________________________________________
The accompanying notes are an integral part of the financial statements.
70
60; Ratio of
60; Expenses
Realized�� & #160; to Average Net Ratio of Net
Net and Net Net 60; Assets Investment
Asset Net Unrealized Dividends Distributions Total Asset Assets Ratio (Excluding Income
Value Investment Gains Total from Net from Dividends Value End of Expenses Waivers and (Loss) Portfolio
Beginning Income (Losses) on Redemption from Investment Capital and End Total of Period to Average Expense to Average Turnover
of Period (Loss)* Securities* Fees Operations Income Gains Distributions of Period Return† (000) Net Assets†† Reductions)†† Net Assets†† Rate†
________________________________________________________________________________________________________________________________________________________________________________________________________________
OLD MUTUAL COPPER ROCK EMERGING GROWTH FUND^^^
Class A
2009 $10.10 $(0.05) $(3.82) $ - $(3.87) $ - $ - $ - $ 6.23 (38.32)% $ 3,001 1.67% 2.70% (1.36)% 150.16%
2008 12.90 (0.16) (1.71) - (1.87) - (0.93) (0.93) 10.10 (16.08)% 11,213 1.67% 1.88% (1.33)% 260.79%
2007 10.52 (0.16) 2.54 - 2.38 - - - 12.90 22.62% 35,890 1.55% 1.85% (1.32)%&# 160; 169.81%
2006 10.00 (0.13) 0.65 - 0.52 - - - 10.52 5.20% 20,814 1.55% 2.97% (1.1 5)% 282.22%
2005 10.00 - - - - - - - 10.00 0.00% 2,500 ‡‡ &# 160; ‡‡ ‡‡ ‡‡
Class C
2009 $ 9.86 $(0.08) $(3.73) $ - $(3.81) $ - $ - $ - $ 6.05 (38.64)% $ 583 2.42% 9.39% (2.12)% 150.16%
2008 12.70 (0.24) (1.67) - (1.91) - (0.93) (0.93) 9.86 (16.67)% 947 2.42% 5.22% (2.09)% 260.79%
2007 10.43 (0.24) 2.51 - 2.27 - - - 12.70 21.76% 511 2.30% 7.42% (2.06)% 169.81%
2006 10.00 (0.21) 0.64 - 0.43 - - - 10.43 4.30% 384 2.30% 15.96% (1.89)% 282.22%
2005 10.00 - - - - - - - 10.00 0.00% - ‡‡ ‡‡ ‡‡ ‡‡
Class Z***
2009 $10.18 $(0.04) $(3.86) $ - $(3.90) $ - $ - $ - $ 6.28 (38.31)% $ 9,915 1.42% 1.78% (1.11)% 150.16%
2008 12.97 (0.13) (1.73) - (1.86) - (0.93) (0.93) 10.18 (15.90)% 15,510 1.42% 1.65% (1.11)% 260.79%
2007 10.55 (0.15) 2.57 - 2.42 - - - 12.97 22.94% 557 1.30% 12.38% ;(1.12)% 169.81%
2006 10.46 (0.07) 0.16 - 0.09 - - - 10.55 0.86% 1 1.30% 787.59% & #160; (0.93)% 282.22%
Institutional Class
2009 $10.24 $(0.04) $(3.87) $ - $(3.91) $ - $ - $ - $ 6.33 (38.18)% $ 27,565 1.22% 1.38% (0.92)% 150.16%
2008 13.01 (0.11) (1.73) - (1.84) - (0.93) (0.93) 10.24 (15.69)% 34,651 1.17% 1.35% (0.85)% 260.79%
2007 10.56 (0.10) 2.55 - 2.45 - - - 13.01 23.20% 66,666 1.10% 1.21% (0.86)%&# 160; 169.81%
2006 10.00 (0.08) 0.64 - 0.56 - - - 10.56 5.60% 49,751 1.10% 1.71% (0.7 0)% 282.22%
2005 10.00 - - - - - - - 10.00 0.00% - ‡‡ ‡‡ ‡‡ ‡‡
________________________________________________________________________________________________________________________________________________________________________________________________________________
OLD MUTUAL INTERNATIONAL BOND FUND (6)
Institutional Class
2009 $10.38 $ 0.12 $(0.21) $ - $(0.09) $(1.84) $(0.34) $(2.18) $ 8.11 (1.90)% $ 13,796 0.95% 1.11% 2.58% 36.03%
2008 10.00 0.22 0.37 - 0.59 (0.21) - (0.21) 10.38 5.89% 23,339 0.95% 1.11% 3.01% 60;234.18%
________________________________________________________________________________________________________________________________________________________________________________________________________________
71
FINANCIAL HIGHLIGHTS - concluded
FOR A SHARE OUTSTANDING THROUGHOUT EACH YEAR OR PERIOD ENDED JULY 31, (UNLESS OTHERWISE NOTED)
AND FOR THE SIX-MONTH PERIOD ENDED JANUARY 31, 2009 (UNAUDITED)
60; Ratio of
60; Expenses
Realized & #160; to Average Net Ratio of Net
Net and Net Net 60; Assets Investment
Asset Net Unrealized Dividends Distributions Total Asset Assets Ratio (Excluding Income
Value Investment Gains Total from Net from Dividends Value End of Expenses Waivers and (Loss) Portfolio
Beginning Income (Losses) on Redemption from Investment Capital and End Total of Period to Average Expense to Average Turnover
of Period (Loss)* Securities* Fees Operations Income Gains Distributions of Period Return† (000) Net Assets†† Reductions)†† Net Assets† Rate†
________________________________________________________________________________________________________________________________________________________________________________________________________________
OLD MUTUAL INTERNATIONAL EQUITY FUND^
Class A
2009 $11.12 $0.04 $(4.98) $ - $(4.94) $(0.11) $ - $(0.11) $ 6.07 (44.56)% $ 582 1.52% 6.45% 0.97% 58.45%
2008 13.51 0.17 (2.45) - (2.28) (0.03) (0.08) (0.11) 11.12 (17.04)% 1,875 1.60% 2.76% 1.34% 180.69%
2007 10.95 0.14 2.87 - 3.01 (0.10) (0.35) (0.45) 13.51 28.02% 2,170 1.70% 4.33% 1.05% 94.78%
2006 10.00 0.18 0.77 - 0.95 - - - 10.95 9.50% 251 1.70% 30.10% &# 160; 2.94% 48.74%
Class C
2009 $10.89 $ - $(4.87) $ - $(4.87) $ - $ - $ - $ 6.02 (44.68)% $ 886 2.27% �� 6.34% 0.11% 58.45%
2008 13.36 0.08 (2.42) - (2.34) (0.05) (0.08) (0.13) 10.89 (17.72)% 2,238 2.34% 3.55% 0.63% 180.69%
2007 10.91 0.04 2.86 - 2.90 (0.10) (0.35) (0.45) 13.36 27.03% 1,402 2.45% 6.77% 0.29% 94.78%
2006 10.00 0.12 0.79 - 0.91 - - - 10.91 9.10% 170 2.45% 39.12% &# 160; 1.88% 48.74%
Class Z
2009 $11.20 $0.04 $(5.00) $ - $(4.96) $(0.15) $ - $(0.15) $ 6.09 (44.40)% $ 424 1.27% 9.88% 1.04% 58.45%
2008 13.57 0.22 (2.49) - (2.27) (0.02) (0.08) (0.10) 11.20 (16.88)% 1,269 1.34% 3.44% 1.74% 180.69%
2007 10.97 0.19 2.85 - 3.04 (0.09) (0.35) (0.44) 13.57 28.23% 1,002 1.45% 13.96% 1.37% 94.78%
2006 10.00 0.10 0.87 - 0.97 - - - 10.97 9.70% 1 1.45% 1,776.73% & #160; 1.59% 48.74%
Institutional Class
2009 $11.27 $0.05 $(5.04) $ - $(4.99) $(0.18) $ - $(0.18) $ 6.10 (44.43)% $ 56,911 1.02% 1.55% 1.25% 58.45%
2008 13.61 0.25 (2.49) - (2.24) (0.02) (0.08) (0.10) 11.27 (16.61)% 113,297 1.06% 1.32% 1.96% 180.69%
2007 10.98 0.17 2.92 - 3.09 (0.11) (0.35) (0.46) 13.61 28.65% 9,834 1.20% 1.75% 1.33% 94.78%
2006 10.00 0.12 0.86 - 0.98 - - - 10.98 9.80% 5,490 1.20% 2.96% & #160; 1.85% 48.74%
________________________________________________________________________________________________________________________________________________________________________________________________________________
OLD MUTUAL PROVIDENT MID-CAP GROWTH FUND (6)
Institutional Class
2009 $ 9.35 $(0.01) $(4.03) $ - $(4.04) $ - $ - $ - $ 5.31 (43.21)% $ 2,934 1.15% 1.45% (0.25)% 62.72%
2008 10.00 (0.05) (0.60) - (0.65) - - - 9.35 (6.50)% 28,913 1.15% 1.37% (0.80)% 0; 72.28%
________________________________________________________________________________________________________________________________________________________________________________________________________________
The accompanying notes are an integral part of the financial statements.
72
* Per share amounts for the year or period are calculated based on average outstanding shares.
*** Class commenced operations on December 9, 2005.
# Impact of payment to affiliate was less than $0.01 per share and 0.01%, respectively.
† Total returns and portfolio turnover rates are for the period indicated and have not been annualized. Total return would have
been lower had certain expenses not been waived by the Adviser during the year or period. Returns shown do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns shown exclude
any applicable sales charges.
†† Ratios for periods less than one year have been annualized.
††† For Old Mutual Analytic Global Fund, the ratio of expenses to average net assets includes dividend expense on securities sold
short. Following is the impact of these expenses as a ratio to average net assets:
A C Z Institutional
______________________________________________________________
2009 0.32% 0.31% 0.30% 0.25%
2008 0.39% 0.42% 0.47% 0.45%
2007 0.46% 0.46% 0.46% 0.46%
2006 0.79% 0.79% 0.79% 0.79%
______________________________________________________________
‡‡ This shareholder data is not being disclosed because the data is not believed to be meaningful due to the short operational
history.
^ Fund commenced operations December 30, 2005.
^^ Fund commenced operations May 31, 2006.
^^^ Fund commenced operations July 29, 2005.
(1) On December 9, 2005, the Old Mutual Analytic Fund (the "Fund") acquired substantially all of the assets and liabilities of the
Analytic Defensive Equity Fund (the "Predecessor Fund"), a series of The Advisors' Inner Circle Fund. The operations of the
Fund prior to the acquisition were those of the Predecessor Fund.
(2) Commenced operations March 31, 2005.
(3) The Fund's Class Z is the successor class of the Predecessor Fund's Institutional Class; the Fund's Institutional Class is new.
(4) The Old Mutual Analytic Fund changed its fiscal year end from December 31 to July 31. 2006 amounts are for the period 1/1/06 to
7/31/06.
(5) For Old Mutual Analytic Fund, the ratio of expenses to average net assets includes dividend expense on securities sold short.
Following is the impact of these expenses as a ratio to average net assets:
A C Z Institutional
______________________________________________________________
2009 0.41% 0.40% 0.41% 0.41%
2008 0.39% 0.39% 0.39% 0.42%
2007 0.28% 0.28% 0.28% 0.27%
2006 0.34% 0.34% 0.27% 0.39%
2005 0.41% 0.35% 0.24% n/a
2004 n/a n/a 0.18% n/a
2003 n/a n/a 0.31% n/a
______________________________________________________________
(6) Fund commenced operations on November 19, 2007.
Amounts designated as "-" are either $0 or have been rounded to $0.
73
NOTES TO FINANCIAL STATEMENTS
AS OF JANUARY 31, 2009 (UNAUDITED)
1. ORGANIZATION
____________________________________________________________________________________________________________________________________
Old Mutual Funds I (the "Trust"), organized as a Delaware statutory trust on May 27, 2004, is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust currently offers twelve
series portfolios, of which the following are covered by this Semi-Annual Report - the Old Mutual Analytic Fund, the Old Mutual
Analytic Global Fund, the Old Mutual Clay Finlay China Fund, the Old Mutual Clay Finlay Emerging Markets Fund, the Old Mutual
International Equity Fund (collectively, the Old mutual Clay Finlay China Fund, the Old Mutual Clay Finlay Emerging Markets Fund
and the Old Mutual International Equity Fund are referred to as the "International Funds"), the Old Mutual International Bond Fund,
the Old Mutual Provident Mid-Cap Growth Fund ("Old Mutual Provident Fund") and the Old Mutual Copper Rock Emerging Growth Fund
("Old Mutual Copper Rock Fund") (each, a "Fund" and collectively, the "Funds"). The Trust's series portfolios whose financial
statements are presented separately are the Old Mutual Asset Allocation Conservative Portfolio, the Old Mutual Asset Allocation
Balanced Portfolio, the Old Mutual Asset Allocation Moderate Growth Portfolio and the Old Mutual Asset Allocation Growth Portfolio.
The Old Mutual Analytic Fund commenced operations on July 1, 1978, the International Funds commenced operations on December 30,
2005, the Old Mutual Copper Rock Fund commenced operations on July 29, 2005, the Old Mutual Analytic Global Fund commenced
operations on May 31, 2006 and the Old Mutual International Bond Fund and Old Mutual Provident Fund both commenced operations on
November 19, 2007.
The Board of Trustees of the Trust approved the liquidation of the Old Mutual Provident Fund on December 1, 2008. The Trust plans
to complete the liquidation as soon as practicable.
Shareholders may purchase shares of the Funds (except Old Mutual International Bond Fund and Old Mutual Provident Fund) through
four separate classes, Class A, Class C, Class Z and Institutional Class shares. Shareholders may only purchase Institutional Class
shares of Old Mutual International Bond Fund and Old Mutual Provident Fund. All classes have equal rights as to earnings, assets
and voting privileges, except that each class may have different distribution costs, dividends, registration costs and shareholder
services costs and each class has exclusive voting rights with respect to its distribution plan. Except for these differences, each
share class of each Fund represents an equal proportionate interest in that Fund. Each Fund, except for the Old Mutual Clay Finlay
China Fund and Old Mutual International Bond Fund, is classified as a diversified management investment company. The Funds'
prospectuses provide a description of each Fund's investment objective, policies and investment strategies.
In the normal course of business, the Funds may enter into various agreements that provide for general indemnifications. Each
Fund's maximum exposure under these arrangements is unknown as any potential exposure involves future claims that may be made
against each Fund.
2. SIGNIFICANT ACCOUNTING POLICIES
____________________________________________________________________________________________________________________________________
The following is a summary of the significant accounting policies followed by the Funds.
Use of Estimates in the Preparation of Financial Statements - The preparation of financial statements, in conformity with
accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions
that affect the reported amount 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.
Security Valuation - Investment securities of a Fund, including securities sold short, that are listed on a securities exchange,
market or automated quotation system and for which market quotations are readily available, including securities traded
over-the-counter ("OTC") (except for securities traded on NASDAQ), are valued at the last quoted sales price on the principal
market on which they are traded at the close of trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m., Eastern Time)
each day that the NYSE is open (the "Valuation Time"), or, if there is no such reported sale at the Valuation Time, at the most
recent quoted bid price reported by the exchange or the OTC market. For securities traded on NASDAQ, the NASDAQ Official Closing
Price provided by NASDAQ each business day will be used. If such prices are not available, these securities and unlisted securities
for which market quotations are not readily available are valued in accordance with Fair Value Procedures established by the Board
of Trustees of the Trust (the "Board"). The Funds use pricing services to report the market value of securities in the portfolios;
if the pricing service is not able to provide a price, or the pricing service quote of valuation is inaccurate or does not reflect
the market value of the security, prices may be obtained through market quotations from independent broker/dealers. If market
quotations from these sources are not readily available, securities are valued in accordance with Fair Value Procedures established
by the Board. The Trust's Fair Value Procedures are implemented through a Valuation 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; or the security's primary pricing
source is not able or willing to provide a price. 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. The
valuation is assigned to Fair Valued Securities for purposes of calculating a Fund's net asset value ("NAV"). Debt securities
(other than short-term obligations), including listed issues, are valued on the basis of valuations furnished by a pricing service
which utilizes electronic data processing techniques to determine valuations for normal institutional size trading units of debt
securities, without exclusive reliance upon exchange or over-the-counter prices. Short-term obligations with maturities of 60 days
or less may be valued at amortized cost, which approximates market value. Under this valuation method, acquisition discounts and
premiums are accreted and amortized ratably to maturity and are included in interest income.
75
NOTES TO FINANCIAL STATEMENTS - continued
AS OF JANUARY 31, 2009 (UNAUDITED)
Foreign securities traded on the foreign exchanges in the Western Hemisphere are valued based upon quotations from the principal
market in which they are traded before the valuation time and are translated from the local currency into U.S. dollars using
current exchange rates. In addition, if quotations are not readily available, or if the values have been materially affected by
events occurring after the closing of a foreign market, assets may be valued in accordance with the Fair Value Procedures
established by the Board.
Foreign securities traded in countries outside the Western Hemisphere are fair valued daily by utilizing the quotations of an
independent pricing service, unless the Fund's investment adviser, Old Mutual Capital, Inc. (the "Adviser"), determines that use of
another valuation methodology is appropriate. The pricing service uses statistical analyses and quantitative models to adjust local
prices using factors such as subsequent movement and changes in the prices of indexes, securities and exchange rates in other
markets in determining fair value as of the time the Funds calculate the NAVs. The fair value of the foreign security is translated
from the local currency into U.S. dollars using current exchange rates.
The Funds are subject to the provisions of Statement of Financial Account Standards No. 157 Fair Value Measurements, ("SFAS 157").
SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily
available unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to
unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The inputs used for valuing
securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation
techniques may result in transfers in or out of an investment's assigned level within the hierarchy during the reporting period.
The aggregate value by input level, as of January 31, 2009, for each Fund's investments is included in the Notes to Schedule of
Investments.
Valuation of Options and Futures - Options are valued at the last quoted sales price. If there is no such reported sale on the
valuation date, long option positions are valued at the most recent bid price, and short option positions are valued at the most
recent ask price. Futures contracts are valued at the settlement price established each day by the board of exchange on which they
are traded. The daily settlement prices for financial futures are provided by an independent source.
Security Transactions and Investment Income - Security transactions are accounted for on the date the securities are purchased or
sold (trade date). Dividend income, dividend expense on securities sold short and distributions to shareholders are recognized on
the ex-dividend date; interest income and expense is recognized on the accrual basis and includes amortization of premiums and
accretion of discounts on investments. Non-cash dividends included in dividend income, if any, are recorded at the fair market
value of the securities received. Costs used in determining realized capital gains and losses on the sale of investment securities
are those of the specific securities sold adjusted for the accretion and amortization of acquisition discounts and premiums during
the respective holding periods, if applicable.
Dividends and Distributions - Dividends from net investment income for the Funds are declared and paid at least annually, if
available, with the exception of the Old Mutual International Bond Fund. Dividends from net investment income for the Old Mutual
International Bond Fund are declared daily and paid monthly. Distributions of net realized capital gains, for each Fund, are
generally made to shareholders at least annually, if available.
Foreign Withholding Taxes - The Funds may be subject to taxes imposed by countries in which they invest with respect to their
investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue
such taxes when the related income is earned.
Forward Foreign Currency Contracts - The Funds may enter into forward foreign currency contracts as hedges against specific
transactions, fund positions or anticipated fund positions. All commitments are "marked-to-market" daily at the applicable foreign
exchange rate, and any resulting unrealized gains or losses are recorded accordingly. The Funds realize gains and losses at the
time the forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency
contracts held at the close of the period are recognized as ordinary income or loss for Federal income tax purposes. The Funds
could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated
movements in the value of a foreign currency relative to the U.S. dollar. Finally, the risk exists that losses could exceed amounts
disclosed on the Statements of Assets and Liabilities.
Investments in Real Estate Investment Trusts ("REIT") - Dividend income 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.
TBA Purchase Commitments - The Funds may enter into "TBA" (to be announced) purchase commitments to purchase securities for a
fixed price at a future date, typically not exceeding 45 days. TBA purchase commitments may be considered securities in themselves,
and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. This risk is in addition
to the risk of decline in the value of each Fund's other assets. Unsettled TBA purchase commitments are valued at the current
market value of the underlying securities, according to the procedures described under "Security Valuation" above.
Mortgage Dollar Rolls - The Funds may enter into mortgage dollar rolls (principally using TBAs) in which each Fund sells mortgage
securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities at an
agreed-upon price on a fixed date. Each Fund accounts for such dollar rolls under the purchases and sales method and receives
compensation as consideration for entering into the commitment to repurchase. Each Fund must maintain liquid securities having a
value not less than the repurchase price (including accrued interest) for such dollar rolls. The market value of the securities
that each Fund is required to purchase may decline below the agreed upon repurchase price of those securities.
76
The counterparty receives all principal and interest payments, including prepayments, made in respect of a security subject to such
a contract while it is the holder. Mortgage dollar rolls may be renewed with a new purchase and repurchase price and a cash
settlement made on settlement date without physical delivery of the securities subject to the contract.
Foreign Currency Conversion - The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are
converted into U.S. dollars on the following basis:
(i) market value of investment securities, other assets and liabilities at the current rate of exchange; and
(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the
respective dates of such transactions.
The Funds do not isolate that portion of gains and losses on investment securities that is due to changes in the foreign exchange
rates from that which is due to changes in market prices of such securities. The Funds report gains and losses on foreign currency
related transactions as components of realized gains and losses for financial reporting purposes, whereas such components are
treated as ordinary income or loss for Federal income tax purposes.
Futures Contracts - The Funds may utilize futures contracts primarily to hedge against changes in security prices. Upon entering
into a futures contract, the Funds will deposit securities for the initial margin with its custodian in a segregated account.
Subsequent payments, which are dependent on the daily fluctuations in the value of the underlying instrument, are made or received
by the Funds each day (daily variation margin) and are recorded as unrealized gains or losses until the contracts are closed. When
the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the
closing transactions and the Fund's basis in the contract. Risks of entering into futures contracts include the possibility that a
change in the value of the contract may not correlate with the changes in the value of the underlying instruments. Second, it is
possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a
futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that the Funds could lose
more than the original margin deposit required to initiate the futures transaction.
Options - The Funds may write or purchase financial options contracts primarily to hedge against changes in security prices, or
securities that the Funds intend to purchase, against fluctuations in fair value caused by changes in prevailing market interest
rates. When the Funds write or purchase an option, an amount equal to the premium received or paid by the Funds is recorded as a
liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums
received or paid from writing or purchasing options which expire unexercised are treated by the Funds on the expiration date as
realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or
sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the
premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Funds have
realized a gain or a loss on investment transactions. The Funds, as writers of an option, may have no control over whether the
underlying securities may be sold (call) or purchased (put) and as a result bear the market risk of an unfavorable change in the
price of the security underlying the written option.
Collateralized Mortgage Obligations (CMOs) - CMOs are hybrids between mortgage-backed bonds and mortgage pass-through securities.
Similar to a bond, CMOs usually pay interest monthly and have a more focused range of principal payment dates than pass-through
securities. While CMOs may be collateralized by whole mortgage loans, CMOs are more typically collateralized by mortgage-backed
securities guaranteed by Government National Mortgage Association, Federal Home Loan Mortgage Corporation or Federal National
Mortgage Association and their income streams.
A Real Estate Mortgage Investment Conduit (REMIC) is a CMO that qualifies for special tax treatment under the Internal Revenue Code
of 1986, as amended, and invests in certain mortgages primarily secured by interests in real property and other permitted
investments.
CMOs are structured into multiple classes, each bearing a different stated maturity. Each class of CMO or REMIC certificate, often
referred to as a "tranche," is issued at a specific interest rate and must be fully retired by its final distribution date.
Generally, all classes of CMOs or REMIC certificates pay or accrue interest monthly. Investing in the lowest tranche of CMOs and
REMIC certificates involves risks similar to those associated with investing in equity securities. CMOs are often highly sensitive
to changes in interest rates and any resulting change in the rate at which homeowners sell their properties, refinance, or
otherwise pre-pay their loans. Investors in these securities may not only be subject to this prepayment risk, but also may be
exposed to significant market and liquidity risks. Investors in privately backed CMOs may be exposed to significant credit risk
resulting from delinquencies or defaults in the loans backing the mortgage pool.
Short Sales - As is consistent with the Old Mutual Analytic Fund's and Old Mutual Analytic Global Fund's investment objectives,
the Old Mutual Analytic Fund and the Old Mutual Analytic Global Fund may engage in short sales that are "uncovered." Uncovered
short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, a Fund must
borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the
security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the
security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any
dividends or interest that accrue during the period of the loan, which is recorded as an expense on the Statement of Operations. To
borrow the security, the Fund also may be required to pay a premium, which would decrease proceeds of the security sold. The
proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short
position is closed out. A gain, limited to the price at which the Fund sells the security short, or a loss, unlimited in size, will
be recognized upon the close of a short sale.
77
NOTES TO FINANCIAL STATEMENTS - continued
AS OF JANUARY 31, 2009 (UNAUDITED)
Until a Fund closes its short position or replaces the borrowed security, it will: (a) maintain a segregated account containing
cash or liquid securities at such a level that the amount deposited in the segregated account plus the amount deposited with the
broker as margin will equal the current value of the security sold short, or (b) otherwise cover the Fund's short positions. The
segregated assets are marked to market daily.
Payments by Affiliates - During the semi-annual period ended January 31, 2009, the Old Mutual Clay Finlay China Fund was
reimbursed $1 (000) by the sub-adviser for a trading error.
Other - Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses are
prorated to the Funds on the basis of relative net assets. Class specific expenses, such as distribution and service fees, are
borne by that class. Income, other expenses and realized and unrealized gains and losses of a Fund are allocated to the respective
class on the basis of the relative net assets each day.
The Funds have an arrangement with the transfer agent, DST Systems, Inc., whereby interest earned on uninvested cash balances is
used to offset a portion of the transfer agent expense. The transfer agent fees shown in the Statements of Operations are in total
and do not reflect the expense reductions, if any, which are shown separately.
The Funds impose a 2% redemption/exchange fee on total redemption proceeds (after applicable deferred sales charges) of any
shareholder redeeming shares (including redemption by exchange) of the Funds within 10 calendar days of their purchase. The Funds
charge the redemption/exchange fee to discourage market timing by those shareholders initiating redemptions or exchanges to take
advantage of short-term market movements. The redemption fee will be imposed to the extent that the number of Fund shares redeemed
exceeds the number of Fund shares that have been held for more than 10 calendar days. In determining how long shares of the Fund
have been held, shares held by the investor for the longest period of time will be sold first. The Funds will retain the fee by
crediting Paid-in Capital. For the six-month period ended January 31, 2009, the following redemption fees were collected by the
Funds.
Class A Class C Class Z Institutional Class
____________________________________________________________________________________________________________________________________
Old Mutual Analytic Fund $4,655 $- $ 5 $-
Old Mutual Copper Rock Emerging Growth Fund 1,059 - 67 -
____________________________________________________________________________________________________________________________________
3. INVESTMENT ADVISORY FEES, ADMINISTRATIVE FEES
AND OTHER TRANSACTIONS WITH AFFILIATES
____________________________________________________________________________________________________________________________________
Investment Adviser - Old Mutual Capital, Inc. is an indirect, wholly owned subsidiary of Old Mutual (US) Holdings Inc. ("OMUSH").
OMUSH is a direct, wholly owned subsidiary of OM Group (UK) Limited, which, in turn, is a direct, wholly owned subsidiary of Old
Mutual plc., a London-Exchange listed international financial services firm. The Funds and the Adviser are parties to Investment
Advisory Agreements (the "Advisory Agreements"), under which the Adviser is paid a monthly fee that is calculated daily and paid
monthly, at an annual rate based on the average daily net assets of each Fund, as follows:
Management Fee Asset Level
____________________________________________________________________________________________________________________________________
Old Mutual Analytic Fund 0.950% N/A
Old Mutual Analytic Global Fund 1.150% Less than $1 billion
1.125% From $1 billion to $2 billion
1.100% From $2 billion to $3 billion
1.075% Greater than $3 billion
Old Mutual Clay Finlay China Fund 1.350% Less than $1 billion
1.325% From $1 billion to $2 billion
1.300% From $2 billion to $3 billion
1.275% Greater than $3 billion
____________________________________________________________________________________________________________________________________
Old Mutual Clay Finlay Emerging Markets Fund 1.150% Less than $1 billion
1.125% From $1 billion to $2 billion
1.100% From $2 billion to $3 billion
1.075% Greater than $3 billion
Old Mutual Copper Rock Emerging Growth Fund 0.900% N/A
Old Mutual International Bond Fund 0.600% Less than $500 Million
0.575% $500 Million to less than $1 billion
0.550% Greater than $1 billion
78
Management Fee Asset Level
____________________________________________________________________________________________________________________________________
Old Mutual International Equity Fund 1.000% Less than $1 billion
0.975% From $1 billion to $2 billion
0.950% From $2 billion to $3 billion
0.925% Greater than $3 billion
Old Mutual Provident Mid-Cap Growth Fund 0.950% Less than $500 Million
0.925% $500 Million to less than $1 billion
0.900% Greater than $1 billion
____________________________________________________________________________________________________________________________________
Expense Limitation Agreements - In the interest of limiting expenses of the Funds, the Adviser has entered into expense limitation
agreements ("Expense Limitation Agreements") pursuant to which the Adviser has agreed, in writing, to waive or limit its fees and
to assume other expenses of the Funds to the extent necessary to limit the total annual expenses to a specified percentage of the
Funds' average daily net assets through the dates specified below.
The expense limitations are as follows:
Institutional Expiration Date
Class A Class C Class Z Class of Expense Limitation
____________________________________________________________________________________________________________________________________
Old Mutual Analytic Fund 1.55% 2.30% 1.30% 1.25% December 31, 2009
Old Mutual Analytic Global Fund 1.95% 2.70% 1.70% 1.40% December 31, 2009
Old Mutual Clay Finlay China Fund 1.95% 2.70% 1.70% 1.40% December 31, 2009
Old Mutual Clay Finlay Emerging Markets Fund 2.00% 2.75% 1.75% 1.25% December 31, 2009
Old Mutual Copper Rock Emerging Growth Fund 1.67% 2.42% 1.42% 1.22% December 31, 2009
Old Mutual International Bond Fund n/a n/a n/a 0.95% December 31, 2009
Old Mutual International Equity Fund 1.52% 2.27% 1.27% 1.02% December 31, 2009
Old Mutual Provident Mid-Cap Growth Fund n/a n/a n/a 1.15% December 31, 2009
____________________________________________________________________________________________________________________________________
Reimbursement by the Old Mutual Analytic Fund and Old Mutual Copper Rock Fund of the advisory fees waived and other expenses paid
by the Adviser pursuant to the applicable Expense Limitation Agreements that expired on December 8, 2007 and July 31, 2007,
respectively, may be made at a later date when a Fund has reached a sufficient asset size to permit reimbursement to be made
without causing the total annual expense rate of the Fund to exceed the expense limitation. Consequently, no reimbursement by these
Funds will be made unless: (i) the Fund's assets exceed $75 million; (ii) such reimbursement does not cause the operating expenses
of the Fund in the year of reimbursement to exceed the expense limitation in effect in the year for which fees are being
reimbursed; and (iii) the payment of such reimbursement was approved by the Board. Moreover, to the extent that the Adviser
reimburses advisory fees or absorbs operating expenses of a Fund, the Adviser may seek payment of such amounts within two fiscal
years after the fiscal year in which fees were reimbursed or absorbed.
Reimbursement by the Funds of the advisory fees waived and other expenses paid by the Adviser pursuant to the current applicable
Expense Limitation Agreements may be made up to three years after the expenses were reimbursed or absorbed if such reimbursement
does not cause the operating expenses of the Fund in the year of reimbursement to exceed the expense limitation in effect in the
year for which fees are being reimbursed. At January 31, 2009, the Adviser may seek reimbursement of previously waived and
reimbursed fees as follows (000):
Expires 2009 Expires 2010 Expires 2011 Expires 2012 Total
____________________________________________________________________________________________________________________________________
Old Mutual Analytic Fund $3,330 $1,067 $593 $564 $5,554
Old Mutual Analytic Global Fund 23 163 222 183 591
Old Mutual Clay Finlay China Fund 92 148 249 206 695
Old Mutual Clay Finlay Emerging Markets Fund 85 100 173 166 524
Old Mutual Copper Rock Emerging Growth Fund 183 - 179 117 479
Old Mutual International Bond Fund - - 26 20 46
Old Mutual International Equity Fund 90 120 307 288 805
Old Mutual Provident Mid-Cap Growth Fund - - 47 20 67
____________________________________________________________________________________________________________________________________
Amounts designated as "-" are either $0 or have been rounded to $0.
During the six-month period ended January 31, 2009, the Adviser was reimbursed approximately $5 (000) by the Old Mutual
International Bond Fund for previously waived fees.
79
NOTES TO FINANCIAL STATEMENTS - continued
AS OF JANUARY 31, 2009 (UNAUDITED)
Sub-Advisory Agreements - The Trust, on behalf of the Old Mutual International Equity Fund, and the Adviser have entered into a
sub-advisory agreement (the "Acadian Sub-Advisory Agreement") with Acadian Asset Management LLC ("Acadian"). Acadian is a
majority-owned subsidiary of OMUSH. For the services provided and expenses incurred pursuant to the Acadian Sub-Advisory Agreement,
Acadian is entitled to receive from the Adviser a sub-advisory fee with respect to the average daily net assets of such portion of
the Old Mutual International Equity Fund managed by Acadian, which is computed and paid monthly at an annual rate of 0.60%, net of
50% of any waivers, reimbursement payments, supermarket fees and alliance fees waived, reimbursed or paid by the Adviser and net of
all breakpoints.
The Trust, on behalf of the Old Mutual Analytic Fund and the Old Mutual Analytic Global Fund, and the Adviser have entered into
sub-advisory agreements (collectively, the "Analytic Sub-Advisory Agreement") with Analytic Investors, LLC ("Analytic"). Analytic
is a majority-owned subsidiary of OMUSH. For the services provided and expenses incurred pursuant to the Analytic Sub-Advisory
Agreement, Analytic is entitled to receive from the Adviser a sub-advisory fee, which is computed and paid monthly at an annual
rate of 0.70% and 0.80% for the Old Mutual Analytic Fund and the Old Mutual Analytic Global Fund, respectively. For the Old Mutual
Analytic Global Fund, Analytic is entitled to receive the sub-advisory fee, net of 50% of any breakpoints, waivers, reimbursement
payments, supermarket fees and alliance fees waived, reimbursed or paid by the Adviser.
The Trust, on behalf of the International Funds, and the Adviser have entered into a sub-advisory agreement (the "Clay Finlay
Sub-Advisory Agreement") with Clay Finlay LLC ("Clay Finlay"). Clay Finlay is a majority-owned subsidiary of OMUSH. For the
services provided and expenses incurred pursuant to the Clay Finlay Sub-Advisory Agreement, Clay Finlay is entitled to receive from
the Adviser a sub-advisory fee with respect to the average daily net assets of such portion of the International Funds managed by
Clay Finlay, which is computed and paid monthly at an annual rate of 1.00%, 0.80% and 0.60% of the Old Mutual Clay Finlay China
Fund, Old Mutual Clay Finlay Emerging Markets Fund and Old Mutual International Equity Fund, respectively. For the International
Funds, Clay Finlay is entitled to receive the sub-advisory fee net of 50% of any waivers, reimbursement payments, supermarket fees
and alliance fees waived, reimbursed or paid by the Adviser and net of all breakpoints.
The Trust, on behalf of the Old Mutual Provident Fund, and the Adviser have entered into a sub-advisory agreement (the "Provident
Sub-Advisory Agreement") with 300 North Capital, LLC ("300 North Capital" and formerly Provident Investment Counsel, LLC). 300
North Capital is a majority-owned subsidiary of OMUSH. For the services provided and expenses incurred pursuant to the 300 North
Capital Sub-Advisory Agreement, 300 North Capital is entitled to receive from the Adviser a sub-advisory fee which is computed and
paid monthly at an annual rate of 0.60%.
The Trust, on behalf of the Old Mutual Copper Rock Fund, and the Adviser have entered into a sub-advisory agreement (the "Copper
Rock Sub-Advisory Agreement") with Copper Rock Capital Partners, LLC ("Copper Rock"). Copper Rock is a majority-owned subsidiary of
OMUSH. For the services provided and expenses incurred pursuant to the Copper Rock Sub-Advisory Agreement, Copper Rock is entitled
to receive from the Adviser a sub-advisory fee which is computed and paid monthly at an annual rate of 0.60%.
The Trust, on behalf of the Old Mutual International Bond Fund, and the Adviser have entered into a sub-advisory agreement (the
"Rogge Sub-Advisory Agreement") with Rogge Global Partners PLC ("Rogge"). Rogge is a majority-owned subsidiary of OMUSH. For the
services provided and expenses incurred pursuant to the Rogge Sub-Advisory Agreement, Rogge is entitled to receive from the Adviser
a sub-advisory fee which is computed and paid monthly at an annual rate of 0.35%.
The Sub-Advisory Agreements obligate the sub-advisers to: (i) manage the investment operations of the assets managed by the
sub-adviser and the composition of the investment portfolio comprising such assets, including the purchase, retention and
disposition thereof in accordance with the Fund's investment objective, policies and limitations; (ii) provide supervision of the
assets managed by the sub-adviser and to determine from time to time what investment and securities will be purchased, retained or
sold on behalf of the Fund and what portion of the assets managed by the sub-adviser will be invested or held uninvested in cash;
and (iii) determine the securities to be purchased or sold on behalf of the Fund in connection with such assets and to place orders
with or through such persons, brokers or dealers to carry out the policy with respect to brokerage set forth in the Prospectuses or
as the Board or the Adviser may direct from time to time, in conformity with federal securities laws.
Administrative Services Agreement - The Trust and Old Mutual Fund Services (the "Administrator"), a wholly owned subsidiary of the
Adviser, entered into an Administrative Services Agreement (the "Administrative Agreement"), pursuant to which the Administrator
oversees the administration of the Trust's and each Fund's business and affairs, including regulatory reporting and all necessary
office space, equipment, personnel and facilities, as well as services performed by various third parties. The Administrator is
entitled to a fee from the Trust, which is calculated daily and paid monthly, as follows:
Average Daily Net Assets Annual Fee Rate
________________________________________________________________________________
$0 to $500 million 0.10%
> $500 million up to $1 billion 0.09%
> $1 billion up to $1.5 billion 0.08%
> $1.5 billion 0.07%
________________________________________________________________________________
80
The Administrative Agreement provides that the Administrator will not be liable for any error of judgment or mistake of law or for
any loss suffered by the Trust in connection with the matters to which the Administrative Agreement relates, except a loss
resulting from willful misfeasance, bad faith or gross negligence on the part of the Administrator in the performance of its
duties. The Administrative Agreement will continue in effect unless terminated by either party upon not less than 90 days' prior
written notice to the other party.
The Bank of New York Mellon (the "Sub-Administrator") serves as sub-administrator to the Trust. The Sub-Administrator assists the
Administrator in connection with the administration of the business and affairs of the Trust. Pursuant to a sub-administration and
accounting agreement (the "Sub-Administration Agreement") between the Administrator and the Sub-Administrator, the Administrator
pays the Sub- Administrator as follows: annual rates, based on the combined average daily gross assets of the funds within the
Trust, Old Mutual Funds II, Old Mutual Funds III and Old Mutual Insurance Series Fund (the "Old Mutual Complex"), of (1) 0.0475% of
the first $6 billion, plus (2) 0.04% of the average daily gross assets in excess of $6 billion. For funds within the Old Mutual
Complex that are managed as a "fund of funds," these fees apply only at the underlying fund level. In addition, the Administrator
pays the Sub-Administrator the following annual fees: (1) $35,000 for each fund managed as a "fund of funds"; and (2) $3,000 per
class in excess of three classes for each fund in the Old Mutual Complex. Certain minimum fees apply. The Sub-Administration
Agreement provides that the Sub-Administrator will not be liable for any costs, damages, liabilities or claims incurred by the
Sub-Administrator except those arising out of the Sub-Administrator's or its delegee's or agent's (if such delegee or agent is a
subsidiary of the Sub-Administrator) negligence or willful misconduct or the Sub-Administrator's failure to act in good faith. In
no event shall the Sub-Administrator be liable to the Administrator or any third party for special, indirect or consequential
damages.
Distribution Agreement - Old Mutual Investment Partners (the "Distributor"), a wholly owned subsidiary of the Adviser, and the
Trust are parties to a distribution agreement (the "Distribution Agreement"), pursuant to which the Distributor serves as principal
underwriter for the Trust's shares. The Distributor receives no compensation for serving in such capacity, except as provided in
separate Distribution Plans and Service Plans.
The Distribution Agreement is renewable annually. The Distribution Agreement may be terminated by the Distributor, by a majority
vote of the Trustees who are not "interested persons" (as defined in the 1940 Act) and have no financial interest in the
Distribution Agreement or by a majority vote of the outstanding securities of the Trust upon not more than 90 days' written notice
by either party or upon assignment by the Distributor.
The Trust has adopted a Distribution Plan for each of Class A and Class C shares pursuant to Rule 12b-1 under the 1940 Act to
enable the Class A and Class C shares of each Fund to directly and indirectly bear certain expenses relating to the distribution of
such shares. The Trust has also adopted a Service Plan to enable the Class A and Class C shares of each Fund to directly and
indirectly bear certain expenses relating to the shareholder servicing and/or personal account maintenance of the holders of such
shares. Each of the Distribution Plans and Service Plans are compensation plans, which means that they compensate the Distributor
or third-party broker-dealer or financial intermediary regardless of the expenses actually incurred by such persons.
Pursuant to the Distribution Plan for Class A and Class C shares, the Trust will pay to the Distributor a monthly fee at an annual
aggregate rate not to exceed (i) 0.25% of the average net asset value of the Class A shares of each Fund and (ii) 0.75% of the
average net asset value of the Class C shares of each Fund, as determined at the close of each business day during the month, which
is to compensate the Distributor for services provided and expenses incurred by it in connection with the offering and sale of
Class A or Class C shares, which may include, without limitation, the payment by the Distributor to investment dealers of
commissions on the sale of Class A or Class C shares, as set forth in the then current prospectus or statement of additional
information with respect to Class A and Class C shares and interest and other financing costs.
The amount of such payments shall be determined by the Trust's disinterested Trustees from time to time. Currently, Class A shares
are not authorized to pay distribution fees and Class C shares are authorized to pay the maximum amount of distribution fees.
Pursuant to the Service Plan for Class A and Class C shares, the Trust will pay to the Distributor or other third-party financial
intermediaries a fee at an annual aggregate rate not to exceed 0.25% of the average net asset value of Class A and Class C shares,
which is for maintaining or improving services provided to shareholders by the Distributor and investment dealers, financial
institutions and 401(k) plan service providers. The amount of such payments shall be determined by the Trust's disinterested
Trustees from time to time.
Currently, both Class A and Class C shares are authorized to pay the maximum amount of service fees.
The Distributor will prepare and deliver written reports to the Board on a regular basis (at least quarterly) setting forth the
payments made pursuant to the Distribution Plans and the Service Plans, and the purposes for which such expenditures were made, as
well as any supplemental reports as the Board may from time to time reasonably request.
Except to the extent that the Administrator, Sub-Administrator, Adviser or sub-advisers may benefit through increased fees from an
increase in the net assets of the Trust which may have resulted in part from the expenditures, no interested person of the Trust
nor any Trustee of the Trust who is not an "interested person" (as defined in the 1940 Act) of the Trust has a direct or indirect
financial interest in the operation of the Distribution or Service Plans or any related agreement.
81
NOTES TO FINANCIAL STATEMENTS - continued
AS OF JANUARY 31, 2009 (UNAUDITED)
Of the service and distribution fees the Distributor received for the six-month period ended January 31, 2009, it retained the
following:
Service Fees (000) Distribution Fees (000)
____________________________________________________________________________________________________________________________________
Class A Class C Class C
____________________________________________________________________________________________________________________________________
Old Mutual Analytic Fund $- $2 $7
Old Mutual Analytic Global Fund - - 1
Old Mutual Clay Finlay China Fund - 2 6
Old Mutual Clay Finlay Emerging Markets Fund - - 1
Old Mutual Copper Rock Emerging Growth Fund - - 1
Old Mutual International Equity Fund - 1 2
____________________________________________________________________________________________________________________________________
Amounts designated as "-" are either $0 or have been rounded to $0.
Other Service Providers - The Bank of New York Mellon serves as the custodian for the Funds.
DST Systems, Inc. ("DST") serves as the transfer agent and dividend disbursing agent of the Funds. From time to time, the Funds may
pay amounts to third parties that provide sub-transfer agency and other administrative services relating to the Fund to persons who
beneficially own interests in the Fund.
The Funds have entered into a shareholder servicing agreement with the Administrator to provide shareholder support and other
shareholder account-related services. The shareholder service fees are reviewed periodically and approved annually by the Board.
Shareholder service fees paid to Old Mutual Fund Services for the six-month period ended January 31, 2009 were as follows (000):
________________________________________________________________________________
Old Mutual Analytic Fund $3
Old Mutual Analytic Global Fund 1
Old Mutual Clay Finlay China Fund 3
Old Mutual Clay Finlay Emerging Markets Fund 1
Old Mutual Copper Rock Emerging Growth Fund -
Old Mutual International Bond Fund -
Old Mutual International Equity Fund 1
Old Mutual Provident Mid-Cap Growth Fund -
________________________________________________________________________________
Amounts designated as "-" are either $0 or have been rounded to $0.
Effective September 17, 2008, these services were no longer provided by the Administrator and the Trust entered into an agency
agreement with DST, pursuant to which DST provides call center, correspondence and other shareholder account-related services to
the Funds.
Officers and Trustees of the Funds who are or were officers of the Adviser, Administrator, Sub-Administrator or Distributor
received no compensation from the Funds.
4. INTERFUND LENDING
____________________________________________________________________________________________________________________________________
Pursuant to resolutions adopted by the Boards of Trustees of each of Old Mutual Funds I and Old Mutual Funds II (together, the
"Trusts"), on behalf of certain series portfolios of the Trusts (the "OM Funds"), each of the OM Funds may lend an amount up to its
prospectus-defined limitations to other OM Funds. All such lending shall be conducted pursuant to the exemptive order granted by
the Securities and Exchange Commission on August 12, 2003 to the Trusts. The interest rate charged on the loan is the average of
the overnight repurchase agreement rate (highest rate available to the OM Funds from investments in overnight repurchase
agreements) and the bank loan rate (Federal Funds Rate plus 50 basis points). None of the OM Funds may borrow more than 10% of its
assets.
The Funds had no outstanding borrowings or loans related to interfund lending at any time during the six-month period ended January
31, 2009.
82
5. INVESTMENT TRANSACTIONS
____________________________________________________________________________________________________________________________________
The cost of securities purchased and the proceeds from securities sold and matured, other than short-term investments, for the
Funds, for the six-month period ended January 31, 2009 were as follows:
Purchases (000) Sales and Maturities (000)
____________________________________________________________________________________________________________________________________
U.S. Government Other U.S. Government Other
____________________________________________________________________________________________________________________________________
Old Mutual Analytic Fund $- $349,871 $- $489,383
Old Mutual Analytic Global Fund - 18,854 - 28,093
Old Mutual Clay Finlay China Fund - 13,366 - 17,489
Old Mutual Clay Finlay Emerging Markets Fund - 6,315 - 6,703
Old Mutual Copper Rock Emerging Growth Fund - 90,444 - 79,175
Old Mutual International Bond Fund - 6,116 161 13,640
Old Mutual International Equity Fund - 48,263 - 55,975
Old Mutual Provident Mid-Cap Growth Fund - 8,947 - 25,204
____________________________________________________________________________________________________________________________________
Transactions in option contracts written in the Old Mutual Analytic Fund and the Old Mutual Analytic Global Fund for the six-month
period ended January 31, 2009, were as follows:
Old Mutual Analytic Fund Old Mutual Analytic Global Fund
____________________________________________________________________________________________________________________________________
Number of Premiums Number of Premiums
Contracts Received (000) Contracts Received (000)
____________________________________________________________________________________________________________________________________
Outstanding at July 31, 2008 27,440 $ 16,671 1,235 $ 764
Options written 128,057 255,677 5,077 9,052
Options terminated in closing purchasing transactions (111,037) (228,346) (4,663) (8,453)
Options expired (21,282) (25,217) (920) (853)
____________________________________________________________________________________________________________________________________
Outstanding at January 31, 2009 23,178 $ 18,785 729 $ 510
____________________________________________________________________________________________________________________________________
83
NOTES TO FINANCIAL STATEMENTS - continued
AS OF JANUARY 31, 2009 (UNAUDITED)
6. SHARE TRANSACTIONS
____________________________________________________________________________________________________________________________________
Old Mutual Old Mutual Old Mutual
Analytic Analytic Global Clay Finlay
Fund Fund China Fund
____________________________________________________________________________________________________________________________________
8/1/08 to 8/1/07 to 8/1/08 to 8/1/07 to 8/1/08 to 8/1/07 to
1/31/09 7/31/08 7/31/09 7/31/08 1/31/09 7/31/08
(Unaudited) (Unaudited) (Unaudited)
____________________________________________________________________________________________________________________________________
Shares Issued and Redeemed (000):
Class A
Shares Issued 2,042 10,913 75 947 159 584
Shares Issued upon Reinvestment of Distributions - 1,707 2 27 10 194
Shares Redeemed (10,883) (30,479) (514) (2,191) (383) (801)
____________________________________________________________________________________________________________________________________
Total Class A Share Transactions (8,841) (17,859) (437) (1,217) (214) (23)
____________________________________________________________________________________________________________________________________
Class C
Shares Issued 161 3,413 21 409 25 296
Shares Issued upon Reinvestment of Distributions - 527 - 36 1 80
Shares Redeemed (5,124) (14,043) (481) (950) (194) (426)
____________________________________________________________________________________________________________________________________
Total Class C Share Transactions (4,963) (10,103) (460) (505) (168) (50)
____________________________________________________________________________________________________________________________________
Class Z
Shares Issued 93 969 1 8 24 366
Shares Issued upon Reinvestment of Distributions - 428 - 2 6 66
Shares Redeemed (1,360) (5,537) (35) (1) (62) (248)
____________________________________________________________________________________________________________________________________
Total Class Z Share Transactions (1,267) (4,140) (34) 9 (32) 184
____________________________________________________________________________________________________________________________________
Institutional Class
Shares Issued 118 453 - - - 1
Shares Issued upon Reinvestment of Distributions - 126 2 11 16 215
Shares Redeemed (105) (577) (249) - - (627)
____________________________________________________________________________________________________________________________________
Total Institutional Class Share Transactions 13 2 (247) 11 16 (411)
____________________________________________________________________________________________________________________________________
Net Increase in Shares Outstanding (15,058) (32,100) (1,178) (1,702) (398) (300)
____________________________________________________________________________________________________________________________________
* Inception date of the Fund.
Amounts designated as "-" are either 0 or have been rounded to 0.
84
Old Mutual
Clay Finlay Old Mutual Old Mutual Old Mutual Old Mutual
Emerging Copper Rock International International Provident Mid-Cap
Markets Fund Emerging Growth Fund Bond Fund �� Equity Fund Growth Fund
____________________________________________________________________________________________________________________________________
8/1/08 to 8/1/07 to 8/1/08 to 8/1/07 to 8/1/08 to 11/19/07* 8/1/08 to 8/1/07 to 8/1/08 to 11/19/07*
1/31/09 7/31/08 1/31/09 7/31/08 1/31/09 to 1/31/09 7/31/08 1/31/09 to
(Unaudited) (Unaudited) (Unaudited) 7/31/08 (Unaudited) (Unaudited) 7/31/08
____________________________________________________________________________________________________________________________________
55 216 453 2,024 - - 2 177 - -
3 4 - 146 - - 1 1 - -
(150) (163) (1,081) (3,841) - - (76) (171) - -
____________________________________________________________________________________________________________________________________
(92) 57 (628) (1,671) - - (73) 7 - -
____________________________________________________________________________________________________________________________________
17 59 14 67 - - 10 152 - -
- 2 - 4 - - - 1 - -
(40) (53) (14) (15) - - (69) (53) - -
____________________________________________________________________________________________________________________________________
(23) 8 - 56 - - (59) 100 - -
____________________________________________________________________________________________________________________________________
20 163 865 1,601 - - 4 56 - -
3 3 - 13 - - 2 1 - -
(66) (75) (811) (134) - - (49) (17) - -
____________________________________________________________________________________________________________________________________
(43) 91 54 1,480 - - (43) 40 - -
____________________________________________________________________________________________________________________________________
214 1,515 1,654 2,807 78 2,841 437 10,355 27 3,368
43 34 - 159 370 52 256 60 - -
(52) (710) (682) (4,706) (993) (645) (1,426) (1,082) (2,567) (275)
____________________________________________________________________________________________________________________________________
205 839 972 (1,740) (545) 2,248 (733) 9,333 (2,540) 3,093
____________________________________________________________________________________________________________________________________
47 995 398 (1,875) (545) 2,248 (908) 9,480 (2,540) 3,093
____________________________________________________________________________________________________________________________________
85
NOTES TO FINANCIAL STATEMENTS - continued
AS OF JANUARY 31, 2009 (UNAUDITED)
7. FOREIGN HOLDINGS RISK
____________________________________________________________________________________________________________________________________
Each Fund may invest in foreign securities. Investing in the securities of foreign issuers involves special risks and considerations
not typically associated with investing in U.S. companies. These risks and considerations include differences in accounting,
auditing and financial reporting standards, generally higher commission rates on foreign portfolio transactions, the possibility of
expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability which
could affect U.S. investment in foreign countries and potential restrictions on the flow of international capital and currencies.
Foreign issuers may also be subject to less government regulation than U.S. companies. Moreover, the dividends and interest payable
on foreign securities may be subject to foreign withholding taxes, thus reducing the net amount of income available for distribution
to a Fund's shareholders. Further, foreign securities often trade with less frequency and volume than domestic securities and,
therefore, may exhibit greater price volatility. Changes in foreign exchange rates will affect, favorably or unfavorably, the value
of those securities which are denominated or quoted in currencies other than the U.S. dollar.
8. FEDERAL TAX INFORMATION
____________________________________________________________________________________________________________________________________
Each Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal
Revenue Code and to distribute substantially all of its taxable income and net capital gains. Accordingly, no provision has been
made for Federal income taxes.
The Funds are subject to the provisions of Financial Accounting Standards Board Interpretation No. 48 ("FIN 48"), Accounting for
Uncertainty in Income Taxes. FIN 48 requires an evaluation of tax positions taken (or expected to be taken) in the course of
preparing a Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that based on the
technical merits have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position
that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the
financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense
in the Statement of Operations.
FIN 48 requires management of the Funds to analyze all open tax years, fiscal years 2005 - 2007 as defined by IRS statute of
limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the
six-month period ended January 31, 2009, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no
examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of
unrecognized tax benefits will significantly change in the next twelve months.
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S.
Federal income tax regulations, which may differ from those amounts determined under accounting principles generally accepted in the
United States of America. These book/tax differences are either temporary or permanent in nature. To the extent these differences
are permanent, they are charged or credited to Paid-in Capital or accumulated net realized gain, as appropriate, in the period that
the differences arise.
Accordingly, the following permanent differences as of July 31, 2008, primarily attributable to certain net operating losses,
reclassifications of long-term capital gain distributions on Real Estate Investment Trust securities, reclassifications of capital
gain distributions investments in Passive Foreign Investment Companies, foreign currency translation and return of capital which,
for tax purposes, are not available to offset future income, were reclassified to the following accounts.
Increase/(Decrease) Increase/(Decrease)
Accumulated Undistributed
Increase/(Decrease) Net Realized Net Investment
Paid-in Capital Gain Income
(000) (000) (000)
____________________________________________________________________________________________________________________________________
Old Mutual Analytic Fund $(18,264) $ 21,779 $ (3,515)
Old Mutual Analytic Global Fund (114) (146) 260
Old Mutual Clay Finlay China Fund - 26 (26)
Old Mutual Clay Finlay Emerging Markets Fund - 85 (85)
Old Mutual Copper Rock Emerging Growth Fund 9,171 (10,040) 869
Old Mutual International Bond Fund 186 (1,994) 1,808
Old Mutual International Equity Fund 26 (24) (2)
Old Mutual Provident Mid-Cap Growth Fund (39) (125) 164
____________________________________________________________________________________________________________________________________
86
The tax character of dividends and distributions declared during the year or periods ended July 31, 2008 and 2007 were as follows:
Ordinary Long Term Return of
Income Capital Gain Capital Total
(000) (000) (000) (000)
____________________________________________________________________________________________________________________________________
Old Mutual Analytic Fund
2008 $57,467 $ - $ - $57,467
2007 887 - - 887
Old Mutual Analytic Global Fund
2008 1,407 134 115 1,656
2007 14 - - 14
Old Mutual Clay Finlay China Fund
2008 13,762 1,888 - 15,650
2007 1,116 - - 1,116
Old Mutual Clay Finlay Emerging Markets Fund
2008 635 180 - 815
2007 178 - - 178
Old Mutual Copper Rock Emerging Growth Fund
2008 3,203 2,116 - 5,319
2007 - - - -
Old Mutual International Bond Fund (1)
2008 545 - - 545
Old Mutual International Equity Fund
2008 654 245 - 899
2007 261 - - 261
____________________________________________________________________________________________________________________________________
Amounts designated as "-" are either $0 or have been rounded to $0.
(1) The Fund commenced operations on November 19, 2007.
The Old Mutual Provident Fund had no distributions during the year ended July 31, 2008.
As of July 31, 2008, the components of Distributable Earnings/(Accumulated Losses) were as follows:
Undistributed Undistributed Post Post October Unrealized Other
Ordinary Long Term Capital Loss October Currency Appreciation/ Temporary
Income Capital Gain Carryforwards Losses Losses Depreciation Differences Total
(000) (000) (000) (000) (000) (000) (000) (000)
____________________________________________________________________________________________________________________________________
Old Mutual Analytic Fund $ - $- $(44,260) $ - $ - $(6,440) $(11,297) $(61,997)
Old Mutual Analytic
Global Fund - - (5,477) (402) (25) (1,452) (36) (7,392)
Old Mutual Clay Finlay
China Fund 416 - - (3,511) - 2,069 - (1,026)
Old Mutual Clay Finlay
Emerging Markets Fund 396 - (18) (2,552) (87) (388) - (2,649)
Old Mutual Copper Rock
Emerging Growth Fund - - - (11,451) - 3,301 - (8,150)
Old Mutual International
Bond Fund 2,209 - - - - 770 - 2,979
Old Mutual International
Equity Fund 1,765 - (8) (8,174) - (4,589) - (11,006)
Old Mutual Provident
Mid-Cap Growth Fund - - - (681) - 3,271 - 2,590
____________________________________________________________________________________________________________________________________
Amounts designated as "-" are either $0 or have been rounded to $0.
For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains for a
period of up to eight years to the extent allowed by the Internal Revenue Code.
87
NOTES TO FINANCIAL STATEMENTS - continued
AS OF JANUARY 31, 2009 (UNAUDITED)
As of July 31, 2008, the following Funds had capital loss carry forwards available to offset future realized gains through the
indicated expiration dates (000):
2016 Total
____________________________________________________________________________________________________________________________________
Old Mutual Analytic Fund $44,260 $44,260
Old Mutual Analytic Global Fund 5,477 5,477
Old Mutual Clay Finlay Emerging Markets Fund 18 18
Old Mutual International Equity Fund 8 8
____________________________________________________________________________________________________________________________________
The Federal tax cost, aggregate gross unrealized appreciation and depreciation of investments, excluding securities sold short,
future contracts and written option contracts, held by each Fund at January 31, 2009 were as follows:
Net
Unrealized
Federal Tax Unrealized Unrealized Appreciation/
Cost Appreciation Depreciation Depreciation
(000) (000) (000) (000)
____________________________________________________________________________________________________________________________________
Old Mutual Analytic Fund $329,742 $11,966 $(60,684) $(48,718)
Old Mutual Analytic Global Fund 11,276 119 (2,278) (2,159)
Old Mutual Clay Finlay China Fund 25,324 1,200 (3,885) (2,685)
Old Mutual Clay Finlay Emerging Markets Fund 17,662 182 (5,515) (5,333)
Old Mutual Copper Rock Emerging Growth Fund 44,012 1,898 (4,164) (2,266)
Old Mutual International Bond Fund 13,895 392 (1,044) (652)
Old Mutual International Equity Fund 80,357 1,044 (23,246) (22,202)
Old Mutual Provident Mid-Cap Growth Fund 3,735 125 (929) (804)
____________________________________________________________________________________________________________________________________
9. NEW ACCOUNTING PRONOUNCEMENTS
____________________________________________________________________________________________________________________________________
In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and
Hedging Activities ("SFAS 161"), which requires qualitative disclosures about objectives and strategies for using derivatives,
quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about
credit-risk-related contingent features in derivative agreements. SFAS 161 is effective for financial statements issued for fiscal
years beginning after November 15, 2008 and interim periods within those fiscal years. Management is currently evaluating the impact
the adoption of SFAS 161 may have on the Funds' financial statement disclosures.
88
PROXY VOTING AND PORTFOLIO HOLDINGS (Unaudited)
Proxy Voting
A description of the guidelines that the Trust uses to determine how to vote proxies relating to portfolio securities is available
(i) without charge, upon request, by calling toll-free at 888.772.2888; (ii) on the Trust's website at oldmutualfunds.com; and (iii)
on the SEC's website at http://www.sec.gov.
Information about how the Funds voted proxies relating to portfolio securities for the 12-month period ended June 30, 2008 is
available on the Trust's website at oldmutualfunds.com and on the SEC's website at http://www.sec.gov.
Portfolio Holdings
The Trust files a complete schedule of portfolio holdings with the SEC for the first and third quarters of its fiscal year on Form
N-Q. The Trust's Forms N-Q are available on the SEC's website at http://www.sec.gov, or may be reviewed and copied at the SEC'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 toll-free.
89
FUND EXPENSES EXAMPLE (Unaudited)
Six Month Hypothetical Expense Example - January 31, 2009
Example. As a shareholder of a Fund you may pay two types of fees: transaction fees and fund-related fees. Transaction fees may
include transaction costs, including sales charges (loads) on purchase payments, redemption fees, and exchange fees. Fund-related
fees may include ongoing expenses, including management fees, distribution and/or service fees, and other fund expenses, which are
indirectly paid by shareholders and affect your investment return.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs
with the ongoing costs of investing in other mutual funds. This Example is based on an investment of $1,000 invested at the
beginning of the period and held for the six-month period ended July 31, 2008.
Actual Expenses. The first line for each share class in the following table provides information about actual account values and
actual expenses. The Example includes, but is not limited to, management fees, 12b-1 fees, fund accounting, custody and transfer
agent fees. However, the Example does not include client specific fees, such as the $10.00 fee charged to IRA accounts, or the
$10.00 fee charged for wire redemptions. The Example also does not include portfolio trading commissions and related trading
expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the
result by the number in the first line for each share class under the heading entitled "Expenses Paid During Six-Month Period" to
estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes. The second line for each share class in the table provides information about
hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5%
per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing
costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples
that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange
fees. Therefore, this information is useful in comparing ongoing costs only, and will not help you determine the relative total
costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expenses Annualize d Expenses
Beginning Ending Expense Paid Beginning Ending Expense Paid
Account Account Ratios During Six Account Account Ratios During Six
Value Value for the Six Month Value Value for the Six Month
8/01/08 1/31/09 Month Period Period* 8/01/08 1/31/09 Month Period Period*
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Analytic Fund - Class A Old Mutual Analytic Global Fund - Class Z
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return $1,000.00 $ 718.00 2.12% $10.87 Actual Fund Return $1,000.00 $ 674.70 2.24% $ 9.46
Hypothetical 5% Return 1,000.00 1,025.01 2.12 12.81 Hypothetical 5% Return 1,000.00 1,025.02 2.24 11.43
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Analytic Fund - Class C Old Mutual Analytic Global Fund - Institutional Class
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 715.30 2.87 14.09 Actual Fund Return 1,000.00 674.70 1.87 7.89
Hypothetical 5% Return 1,000.00 1,024.97 2.87 16.64 Hypothetical 5% Return 1,000.00 1,015.74 1.87 9.50
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Analytic Fund - Class Z Old Mutual Clay Finlay China Fund - Class A
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 718.60 1.87 9.70 Actual Fund Return 1,000.00 658.90 1.95 8.15
Hypothetical 5% Return 1,000.00 1,013.88 1.87 13.37 Hypothetical 5% Return 1,000.00 1,025.04 1.95 9.95
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Analytic Fund - Institutional Class Old Mutual Clay Finlay China Fund - Class C
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 719.10 1.83 8.10 Actual Fund Return 1,000.00 656.50 2.70 11.27
Hypothetical 5% Return 1,000.00 1,025.04 1.83 9.54 Hypothetical 5% Return 1,000.00 1,025.00 2.70 13.78
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Analytic Global Fund - Class A Old Mutual Clay Finlay China Fund - Class Z
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 674.00 2.51 10.59 Actual Fund Return 1,000.00 659.40 1.70 7.11
Hypothetical 5% Return 1,000.00 1,025.01 2.51 12.81 Hypothetical 5% Return 1,000.00 1,025.05 1.70 8.68
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Analytic Global Fund - Class C Old Mutual Clay Finlay China Fund - Institutional Class
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 671.50 3.26 13.73 Actual Fund Return 1,000.00 661.10 1.40 5.86
Hypothetical 5% Return 1,000.00 1,024.97 3.26 16.64 Hypothetical 5% Return 1,000.00 1,018.10 1.40 7.12
_________________________________________________________________________________________ _________________________________________________________________________________________
90
Annualized Expenses Annualize d Expenses
Beginning Ending Expense Paid Beginning Ending Expense Paid
Account Account Ratios During Six Account Account Ratios During Six
Value Value for the Six Month Value Value for the Six Month
8/01/08 1/31/09 Month Period Period* 8/01/08 1/31/09 Month Period Period*
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Clay Finlay Emerging Markets Fund - Class A Old Mutual International Bond Fund - Institutional Class
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return $1,000.00 $ 506.40 2.00% $ 7.59 Actual Fund Return $1,000.00 $ 981.00 0.95% $ 4.74
Hypothetical 5% Return 1,000.00 1,025.04 2.00 10.21 Hypothetical 5% Return 1,000.00 1,025.09 0.95 4.85
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Clay Finlay Emerging Markets Fund - Class C Old Mutual International Equity Fund - Class A
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 504.10 2.75 10.43 Actual Fund Return 1,000.00 554.40 1.52 5.96
Hypothetical 5% Return 1,000.00 1,025.00 2.75 14.04 Hypothetical 5% Return 1,000.00 1,025.06 1.52 7.76
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Clay Finlay Emerging Markets Fund - Class Z Old Mutual International Equity Fund - Class C
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 505.50 1.75 6.64 Actual Fund Return 1,000.00 553.20 2.27 8.89
Hypothetical 5% Return 1,000.00 1,025.05 1.75 8.93 Hypothetical 5% Return 1,000.00 1,025.02 2.27 11.59
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Clay Finlay Emerging Markets Fund - Institutional Class Old Mutual International Equity Fund - Class Z
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 508.40 1.25 4.75 Actual Fund Return 1,000.00 556.00 1.27 4.98
Hypothetical 5% Return 1,000.00 1,018.85 1.25 6.36 Hypothetical 5% Return 1,000.00 1,025.07 1.27 6.48
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Copper Rock Emerging Growth Fund - Class A Old Mutual International Equity Fund - Institutional Class
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 616.80 1.67 6.81 Actual Fund Return 1,000.00 555.70 1.02 4.00
Hypothetical 5% Return 1,000.00 1,025.05 1.67 8.52 Hypothetical 5% Return 1,000.00 1,020.01 1.02 5.19
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Copper Rock Emerging Growth Fund - Class C Old Mutual Provident Mid-Cap Growth Fund - Institutional Class
_________________________________________________________________________________________ _________________________________________________________________________________________
Actual Fund Return 1,000.00 613.60 2.42 9.84 Actual Fund Return 1,000.00 567.90 1.15 4.54
Hypothetical 5% Return 1,000.00 1,025.01 2.42 12.35 Hypothetical 5% Return 1,000.00 1,025.08 1.15 5.87
_________________________________________________________________________________________ _________________________________________________________________________________________
Old Mutual Copper Rock Emerging Growth Fund - Class Z * Expenses are equal to the Fund's annualized expense ratio multiplied by the average
_________________________________________________________________________________________ account value over the period, multiplied by 184/365 (to reflect the one-half year
period).
Actual Fund Return 1,000.00 616.90 1.42 5.79
Hypothetical 5% Return 1,000.00 1,025.07 1.42 7.25
_________________________________________________________________________________________
Old Mutual Copper Rock Emerging Growth Fund - Institutional Class
_________________________________________________________________________________________
Actual Fund Return 1,000.00 618.20 1.22 4.98
Hypothetical 5% Return 1,000.00 1,019.00 1.22 6.21
_________________________________________________________________________________________
91
FOR MORE INFORMATION
For investors who want more information about Old Mutual Funds I, please contact us at:
| By Telephone:
|
| 888.772.2888
|
| By Mail:
|
| Old Mutual Funds I
| P.O. Box 219534
| Kansas City, Missouri 64121-9534
|
| Via the Internet:
|
| oldmutualfunds.com
This semi-annual report is intended for the information of Old Mutual
Funds I shareholders, but may be used by prospective investors
when preceded or accompanied by a current prospectus. You
may obtain a copy of the prospectus, which contains important
information about the objectives, risks, share classes, charges and
expenses of Old Mutual Funds I, by visiting oldmutualfunds.com
or by calling 888.772.2888. Please read the prospectus carefully
before investing.
[OLD MUTUAL LOGO]
Funds distributed by Old Mutual Investment Partners
R-09-456 03/2009
Not applicable to semiannual reports.
| Item 3. | Audit Committee Financial Expert. |
Not applicable to semiannual reports.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable to semiannual reports.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
| Item 6. | Schedule of Investments. |
| (a) | SCHEDULE I – INVESTMENTS IN SECURITIES OF UNAFFILIATED ISSUERS is included as part of the reports to shareholders filed under Item 1 of this report. |
| (b) | In accordance with Section 13(c) of the Investment Company Act of 1940, as amended, the Old Mutual International Equity Fund divested itself of the following securities since the filing of the registrant's last report on Form N-CSR. |
| (1) Name of Issuer | | (2) Exchange Ticker Symbol | | (3) Security Identifier (Cusip/Sedol) | | (4) Total number of shares divested | | (5) Date securities were divested | | (6) Amount Held on Filing Date | |
Fiat | | F | | 5748521 | | 37,637 | | 10/14/2008 | | None | |
Petrofac | | PFC | | B0H2K53 | | 124 | | 10/23/2008 | | None | |
Daihatsu Motor | | 7262 | | 6250304 | | 20,000 11,000 11,000 8,000 | | 11/13/2008 12/05/2008 12/16/2008 12/24/2008 | | None | |
Daimler | | DCX | | 5529027 | | 3,476 4,372 | | 12/23/2008 3/18/2009 | | 712 | |
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
| Item 9. | Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers. |
Not applicable.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
No material changes have been made to the procedures by which shareholders may recommend nominees to the board of trustees of Old Mutual Funds I (the “registrant”), where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A or this Item 10.
| Item 11. | Controls and Procedures. |
| | (a) | Based on an evaluation of the Disclosure Controls and Procedures of the registrant as of a date within 90 days of the filing date of this report, the registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), or persons performing similar functions, have concluded that the Disclosure Controls and Procedures are effectively designed to ensure that information required to be disclosed in this report is recorded, processed, summarized, and reported within required time periods, and accumulated and communicated to the registrant’s management, including the registrant’s PEO and PFO, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. |
| | (b) | During the quarter ended January 31, 2009, there has been no change in the registrant’s internal control over financial reporting that has materially affected, or that is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| | (a)(1) | Not applicable to semiannual reports. |
| | (a)(2) | Attached hereto as Exhibit EX-99.CERT. |
| | (b) | Attached hereto as Exhibit EX-99.906CERT. |
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.
OLD MUTUAL FUNDS I
| By: | /s/ Julian F. Sluyters | |
| | Julian F. Sluyters, President | |
| | | |
| Date: | March 20, 2009 | |
| | | |
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: | /s/ Julian F. Sluyters | |
| | Julian F. Sluyters, Principal Executive Officer |
| | | |
| Date: | March 20, 2009 | |
| | | |
| By: | /s/ Robert T. Kelly | |
| | Robert T. Kelly, Principal Financial Officer |
| | | |
| Date: | March 20, 2009 | |
| | | |
