UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM N-CSRS
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CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21587
Old Mutual Advisor Funds
(Exact name of registrant as specified in charter)
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4643 South Ulster Street, Suite 600
Denver, CO 80237
(Address of principal executive offices) (Zip code)
David J. Bullock
4643 South Ulster Street, Suite 600, Denver, CO 80237
(Name and address of agent for service)
Copies to:
- --------------------------------------------------------------------------------
Carl Frischling, Esq. Robert E. Putney, III, Esq.
Kramer Levin Naftalis & Frankel LLP Old Mutual Capital, Inc.
919 Third Avenue 4643 South Ulster Street, Suite 600
New York, New York 10022 Denver, CO 80237
(212) 715-9100 (888) 744-5050
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Registrant's telephone number, including area code: 1-303-770-1733
Date of fiscal year end: July 31, 2005
Date of reporting period: January 31, 2005
Item 1. Reports to Stockholders.
2005 SEMI-ANNUAL REPORT
TO SHAREHOLDERS
January 31, 2005
OLD MUTUAL ADVISOR FUNDS
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[ ] OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
[ ] OM ASSET ALLOCATION BALANCED PORTFOLIO
[ ] OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
[ ] OM ASSET ALLOCATION GROWTH PORTFOLIO
[LOGOS OMITTED]
OLD MUTUAL ADVISOR FUNDS
TABLE OF CONTENTS
Message to Shareholders .................................................................... 1
Disclosure of Fund Expenses ................................................................ 3
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
Institutional Class (OMCIX), Class A (OMCAX), Class C (OMCCX) ................... 4
OM ASSET ALLOCATION BALANCED PORTFOLIO
Institutional Class (OMBLX), Class A (OMABX), Class C (OMBCX) .................. 6
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Institutional Class (OMMIX), Class A (OMMAX), Class C (OMMCX) .................. 8
OM ASSET ALLOCATION GROWTH PORTFOLIO
Institutional Class (OMGIX), Class A (OMGAX), Class C (OMCGX) .................. 10
Schedules of Investments .................................................................. 12
Statements of Assets and Liabilities ...................................................... 63
Statements of Operations .................................................................. 64
Statements of Changes in Net Assets ....................................................... 65
Financial Highlights ...................................................................... 66
Notes to Financial Statements ............................................................. 68
Old Mutual Advisor Funds Security Proxy Voting Guidelines ................................. 74
Trustees and Officers of the Trust ........................................................ 75
OLD MUTUAL ADVISOR FUNDS
MESSAGE TO SHAREHOLDERS
DEAR FELLOW SHAREHOLDERS:
While the past several months have been generally favorable for the equity
markets, they have not been easy ones, as stocks of all kinds responded to
conflicting pressures. Rising oil prices, interest rates, and inflation sent
reverberations through the market, but steady gains in economic growth and signs
of improvement in the employment outlook instilled hope. While this environment
proved complicated for many investors to navigate, we believe it underscored the
ease and artful simplicity of our investment solutions--the OM Asset Allocation
Portfolios.
Our four Asset Allocation Portfolios--Conservative, Balanced, Moderate Growth,
and Growth--have been designed to offer complete, balanced investment solutions
to match specific investor risk profiles. The goal of each Fund is to be fully
invested across the market capitalization spectrum and among investment styles.
To accomplish this, we rely on the allocation guidance and expertise of Ibbotson
Associates Advisors, LLC, an industry leader in the area of asset allocation.
The Funds also bring investors unique access to 10 distinguished institutional
money management firms, all affiliated with the Old Mutual Asset Management
Group and all recognized specialists in their respective investment style or
asset class.
Given the erratic environment that persisted over the last several months, we
believe that our adherence to the principles of asset allocation,
diversification, and risk management was particularly beneficial to investors.
We are pleased with the Funds' performance over the period ended January 31,
2005, and invite you to review the performance discussion for each Fund
on the pages that follow.
During this period, we also made significant strides in other areas. With the
objective of further enhancing the level of service provided to shareholders and
financial professionals, we made several additions to the organization in the
critical areas of distribution, compliance, and shareholder services.
We have great expectations for the year ahead. With our dedicated team and menu
of high-quality investment solutions, we look forward to consistently seeking to
meet and exceed your expectations. Thank you for your investment in the Old
Mutual Advisor Funds.
Sincerely,
/S/DAVID J. BULLOCK [PHOTO OMITTED]
David J. Bullock
PRESIDENT
OLD MUTUAL ADVISOR FUNDS
1
OLD MUTUAL ADVISOR FUNDS
MARKET OVERVIEW
Equity and bond markets, both domestically and internationally, posted strong
returns across the board during the period. In the U.S., small-cap stocks again
were the top performers. Small-cap growth was, in fact, the top performing U.S.
equity asset class for the fourth quarter. Mid-cap stocks also posted strong
gains, particularly in the growth category, while large-cap stocks of any kind
posted impressive results. As impressive as the returns were, the top performing
equity asset classes for the period were actually found outside the U.S.
International equities, as measured by the MSCI EAFE Index, which returned more
than 15% for the fourth quarter, and emerging market equity was better still,
returning just over 17% as measured by the MSCI Emerging Markets Index.
Overall, bond markets performed well. Core U.S. bonds were up slightly, and
high-yield bonds performed considerably better. As with the equity markets, the
best bond returns for the quarter were found outside the U.S. International
bonds, as measured by the Citigroup Non-U.S. 1+ Government Bond Index, which
returned a bit more than 10.5%.
ECONOMIC OVERVIEW
On the economic front, the U.S. economy continued to grow at a robust rate in
2004, but the pace had been slowing throughout the year. Real GDP fell to a 3.1%
annual rate in the fourth quarter from a high of 4.5% annual rate in the first
quarter. The slowdown was due in part to deceleration of private consumption
expenditures and private inventory investment. Inflation, as measured by the
Consumer Price Index, increased to 3.3% during 2004 from 1.88% in 2003. The 3.3%
inflation rate remains relatively low and in line with the historical average.
We see, however, increasing pressure on inflation over the next 6-12 months, in
large part due to higher energy prices and continued pressure on the trade and
budget deficits.
The budget deficit increased to $520 billion, and the trade deficit increased to
roughly $600 billion. Foreign central banks finance a large part of these
deficits through their purchase of U.S. investments (primarily Treasury bonds).
Should these deficits continue to grow larger, there will be increased pressure
on the U.S. dollar and potential pressure on U.S. interest rates.
STRATEGY OVERVIEW
As the U.S. economy continues through a decelerating growth cycle with
increasing pressure on inflation and interest rates, we have implemented a
slight overweight to large- and mid-cap value equities with a corresponding
slight underweight to large- and mid-cap growth equities. This asset allocation
change was implemented across all four OM Asset Allocation portfolios. Over the
long term, value securities tend to outperform growth securities, and this
tendency is particularly pronounced during rising interest rate and inflationary
environments. Growth companies often need access to additional capital to
finance their growth, and their securities are more negatively impacted during
rising interest rate and inflationary environments than value securities. We
remain neutral on all fixed-income asset classes and international equities.
2
OLD MUTUAL ADVISOR FUNDS
DISCLOSURE OF FUND EXPENSES (UNAUDITED)
All mutual funds have operating expenses. As a shareholder of a mutual fund,
your investment is affected by these ongoing costs, which include (among others)
costs for portfolio management, administrative services, and shareholder reports
like this one. It is important for you to understand the impact of these costs
on your investment returns.
Operating expenses such as these are deducted from the mutual fund's gross
income and directly reduce your investment return. These expenses are expressed
as a percentage of the mutual fund's average net assets; this percentage is
known as the mutual fund's expense ratio.
The following examples use the expense ratio and are intended to help you
understand the ongoing costs (in dollars) of investing in a mutual fund and to
compare these costs with those of other mutual funds. The examples are based on
an investment of $1,000 made at the beginning of the period shown and held for
the entire period.
The table on the next page illustrates your Fund's costs in two ways:
O ACTUAL FUND RETURN. This section helps you to estimate the actual expenses
after fee waivers that your Fund incurred over the four month period. The
"Expenses Paid During Four Month Period" column shows the actual dollar expense
cost incurred by a $1,000 investment in the Fund, and the "Ending Account Value"
number is derived from deducting that expense cost from the Fund's gross
investment return.
You can use this information, together with the actual amount you invested in
the Fund, to estimate the expenses you paid over that four month period. Simply
divide your ending starting account value by $1,000 to arrive at a ratio (for
example, an $8,600 account value divided by $1,000 = 8.6), then multiply that
ratio by the number shown for your Fund under "Expenses Paid During Four Month
Period".
O HYPOTHETICAL 5% RETURN. This section helps you compare your Fund's costs with
those of other mutual funds. It assumes that the Fund had an annual 5% return
before expenses during the year, but that the expense ratio (Column 3) for the
period is unchanged. This example is useful in making comparisons because the
Securities and Exchange Commission requires all mutual funds to make this 5%
calculation. You can assess your Fund's comparative cost by comparing the
hypothetical result for your Fund in the "Expense Paid During Four Month Period"
column with those that appear in the same charts in the shareholder reports for
other funds.
NOTE: Because the hypothetical return is set at 5% for comparison purposes --
NOT your Fund's actual return -- the account values shown may not apply to your
specific investment.
ANNUALIZED EXPENSES
BEGINNING ENDING EXPENSE PAID
ACCOUNT ACCOUNT RATIOS DURING
VALUE VALUE FOR THE FOUR FOUR MONTH
9/30/04* 1/31/05 MONTH PERIOD PERIOD**
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OM Asset Allocation Conservative Portfolio - Institutional Class
- -----------------------------------------------------------------------------------------------------------------
Actual Fund Return $1,000.00 $1,034.10 1.25% $5.71
Hypothetical 5% Return 1,000.00 1,016.85 1.25 5.66
- -----------------------------------------------------------------------------------------------------------------
OM Asset Allocation Conservative Portfolio - Class A
- -----------------------------------------------------------------------------------------------------------------
Actual Fund Return 1,000.00 1,032.80 1.50 6.85
Hypothetical 5% Return 1,000.00 1,015.73 1.50 6.79
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OM Asset Allocation Conservative Portfolio - Class C
- -----------------------------------------------------------------------------------------------------------------
Actual Fund Return 1,000.00 1,030.60 2.25 10.22
Hypothetical 5% Return 1,000.00 1,012.40 2.25 10.13
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OM Asset Allocation Balanced Portfolio - Institutional Class
- -----------------------------------------------------------------------------------------------------------------
Actual Fund Return 1,000.00 1,053.10 1.30 6.00
Hypothetical 5% Return 1,000.00 1,016.62 1.30 5.89
- -----------------------------------------------------------------------------------------------------------------
OM Asset Allocation Balanced Portfolio - Class A
- -----------------------------------------------------------------------------------------------------------------
Actual Fund Return 1,000.00 1,051.80 1.55 7.19
Hypothetical 5% Return 1,000.00 1,015.46 1.55 7.06
- -----------------------------------------------------------------------------------------------------------------
OM Asset Allocation Balanced Portfolio - Class C
- -----------------------------------------------------------------------------------------------------------------
Actual Fund Return 1,000.00 1,050.20 2.30 10.59
Hypothetical 5% Return 1,000.00 1,012.13 2.30 10.40
ANNUALIZED EXPENSES
BEGINNING ENDING EXPENSE PAID
ACCOUNT ACCOUNT RATIOS DURING
VALUE VALUE FOR THE FOUR FOUR MONTH
9/30/04* 1/31/05 MONTH PERIOD PERIOD**
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OM Asset Allocation Moderate Growth Portfolio - Institutional Class
- -----------------------------------------------------------------------------------------------------------------
Actual Fund Return $1,000.00 $1,063.20 1.30% $6.03
Hypothetical 5% Return 1,000.00 1,016.62 1.30 5.89
- -----------------------------------------------------------------------------------------------------------------
OM Asset Allocation Moderate Growth Portfolio - Class A
- -----------------------------------------------------------------------------------------------------------------
Actual Fund Return 1,000.00 1,062.10 1.55 7.23
Hypothetical 5% Return 1,000.00 1,015.46 1.55 7.06
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OM Asset Allocation Moderate Growth Portfolio - Class C
- -----------------------------------------------------------------------------------------------------------------
Actual Fund Return 1,000.00 1,059.40 2.30 10.59
Hypothetical 5% Return 1,000.00 1,012.18 2.30 10.35
- -----------------------------------------------------------------------------------------------------------------
OM Asset Allocation Growth Portfolio - Institutional Class
- -----------------------------------------------------------------------------------------------------------------
Actual Fund Return 1,000.00 1,081.20 1.35 6.31
Hypothetical 5% Return 1,000.00 1,016.40 1.35 6.12
- -----------------------------------------------------------------------------------------------------------------
OM Asset Allocation Growth Portfolio - Class A
- -----------------------------------------------------------------------------------------------------------------
Actual Fund Return 1,000.00 1,080.00 1.60 7.52
Hypothetical 5% Return 1,000.00 1,015.23 1.60 7.29
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OM Asset Allocation Growth Portfolio - Class C
- -----------------------------------------------------------------------------------------------------------------
Actual Fund Return 1,000.00 1,076.50 2.35 10.92
Hypothetical 5% Return 1,000.00 1,011.95 2.35 10.58
*Inception date of the Funds.
**Expenses are equal to the Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by 124/365 (to reflect the
four month period).
3
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO (UNAUDITED)
Portfolio Profile
OBJECTIVE: The Fund seeks to provide investors with current income and
preservation of capital.
INVESTS IN: The Fund's assets are managed according to a three-step process: (1)
the Adviser's allocation of the Fund's assets among equity, fixed income and
money market securities; (2) the selection of Sub-Advisers, based upon Ibbotson
Associates Advisors, LLC ("Ibbotson") recommendations related to appropriate
market sectors and investment strategies; and (3) the selection of individual
investments by each Sub-Adviser.
Under normal market conditions, the Fund expects to invest approximately 30%
of its total assets in equity securities of large, medium and small sized
companies, 50% of its total assets in long-or intermediate-term fixed income
securities and 20% of its total assets in short-term fixed income and money
market instruments. The Fund has the flexibility to invest approximately 20-40%
of its total assets in equity securities of large, medium and small sized
companies, 40- 60% of its total assets in long-or intermediate-term fixed income
securities and 10-30% of its total assets in short-term fixed income securities
and money market instruments. The Adviser will evaluate these allocation ranges
at least annually.
Performance
For the four months ended January 31, 2005, OM Asset Allocation Conservative
Portfolio Class A returned 3.28% versus a return of 6.57% for its benchmark the
S&P 500 Index.
4
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO (UNAUDITED)
ASSET CLASS WEIGHTINGS AT JANUARY 31, 2005
[PIE CHART OMITTED, PLOT POINTS FOLLOWS
COMMON STOCK 23%
REPURCHASE AGREEMENT 20%
CORPORATE BONDS 16%
RESIDENTIAL MORTGAGES-AGENCY 15%
U.S. TREASURY OBLIGATIONS 12%
U.S. GOVERNEMENT OBLIGATIONS 8%
FOREIGN COMMON STOCK 5%
ASSET-BACKED SECURITIES 1%
% of Total Portfolio Investments
CUMULATIVE TOTAL RETURN
AS OF JANUARY 31, 2005
- ------------------------------------------------------
Since
Inception
- ------------------------------------------------------
InstitutionalClass 3.41%
- ------------------------------------------------------
Class A with front-end load (2.66)%
- ------------------------------------------------------
Class A without load 3.28%
- ------------------------------------------------------
Class C with deferred sales load 2.06%
- ------------------------------------------------------
Class C without deferred sales load 3.06%
- ------------------------------------------------------
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO,
CLASS A VERSUS THE S&P 500 INDEX AND THE LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX
[LINE CHART OMITTED, PLOT POINTS FOLLOWS]
OM ASSET ALLOCATION LEHMAN BROTHERS U.S.
CONSERVATIVE PORTFOLIO CLASS A S&P 500 INDEX AGGREGATE INDEX
9/30/2004 10000 10000 10000
10/31/2004 10050 10153 10084
11/30/2004 10200 10564 10003
12/31/2004 10368 10923 10095
1/31/2005 $10328 $10657 $10159
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NOT A
GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO (THE "CONSERVATIVE
FUND") WILL FLUCTUATE SO THAT INVESTORS' SHARES, WHEN SOLD, MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL COST. PERFORMANCE DATA CURRENT TO THE MOST RECENT
MONTH-END, WHICH MAY BE HIGHER OR LOWER THAN THAT SHOWN, IS AVAILABLE BY CALLING
1.800.744.5050 OR ONLINE AT WWW.OMADVISORFUNDS.COM. The since inception return
has not been annualized. Performance results for such 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 Conservative Fund
offers Institutional Class, Class A and Class C 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. The returns for certain periods may reflect fee waivers and/or
reimbursements in effect for that period; absent fee waivers and reimbursements,
performance may have been lower. The Conservative Fund's total return is based
on net change in NAV, assuming reinvestment of distributions. The Conservative
Fund's investment in technology companies involves the risk of volatility.
Products of technology companies may be subject to severe competition and rapid
obsolescence. An investment in small and medium capitalization companies
involves greater risk and price volatility than securities of larger, more
established companies. Funds that invest in high-yielding, non-investment grade
bonds involve higher risk than funds that invest solely in investment grade
bonds. Adverse conditions may affect the issuer's ability to make timely
interest and principal payments on these securities. Mutual fund investing
involves risk including possible loss of principal. Investors considering the
Conservative Fund should have a long-term investment horizon. The Conservative
Fund will generally impose a 2% redemption/exchange fee for any share held less
than 10 calendar days. This information must be preceded or accompanied by a
current prospectus. Investors should carefully consider the investment
objective, fees charges, expenses and risks associated with an investment in the
fund before investing. These items, as well as other important information about
the investment company can be found in the Fund's prospectus. Please read the
prospectus carefully before investing. There can be no assurance that any fund
will be able to achieve its investment objective. The Fund commenced operations
on September 30, 2004.
The LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX is an unmanaged index of fixed
income securities.
The S&P 500 INDEX is a capitalization-weighted index of 500 stocks designed to
measure performance of the broad domestic economy through changes in the
aggregate market value of 500 stocks representing all major industries.
The Indices are presented for future illustrative purposes only, and are not
intended to imply the past or future performance of the Fund. The performance of
the Indices assume reinvestment of capital gains and income dividends but assume
no transaction costs, taxes, management fees or other expenses. A direct
investment in the Indices is not possible.
5
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
OM ASSET ALLOCATION BALANCED PORTFOLIO (UNAUDITED)
Portfolio Profile
OBJECTIVE: The Fund seeks to provide investors with capital appreciation
and current income.
INVESTS IN: The Fund's assets are managed according to a three-step process: (1)
the Adviser's allocation of the Fund's assets among equity, fixed income and
money market securities; (2) the selection of Sub-Advisers, based upon
Ibbotson's recommendations related to appropriate market sectors and investment
strategies; and (3) the selection of individual investments by each Sub-Adviser.
Under normal market conditions, the Fund expects to invest approximately 60%
of its total assets in equity securities of large, medium and small sized
companies, 25% of its total assets in long- or intermediate-term fixed income
securities and 15% of its total assets in short-term fixed income and money
market instruments. The Fund has the flexibility to invest approximately 50-70%
of its total assets in equity securities of large, medium and small sized
companies, 15-35% of its total assets in long- or intermediate-term fixed income
securities and 5-25% of its total assets in short-term fixed income securities
and money market instruments. The Adviser will evaluate these allocation ranges
at least annually.
Performance
For the four months ended January 31, 2005, OM Asset Allocation Balanced
Portfolio Class A returned 5.18% versus a return of 6.57% for its benchmark the
S&P 500 Index.
6
<page>
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
OM ASSET ALLOCATION BALANCED PORTFOLIO (UNAUDITED)
ASSET CLASS WEIGHTINGS AT JANUARY 31, 2005
[PIE CHART OMITTED, PLOT POINTS FOLLOWS]
COMMON STOCK 42%
REPURCHASE AGREEMENT 14%
FOREIGN COMMON STOCK 12%
CORPORATE BONDS 10%
RESIDENTIAL MORTGAGES-AGENCY 9%
U.S. TREASURY OBLIGATIONS 8%
U.S. GOVERNEMENT OBLIGATIONS 4%
ASSET-BACKED SECURITIES 1%
% of Total Portfolio Investments
CUMULATIVE TOTAL RETURN
AS OF JANUARY 31, 2005
Since
Inception
- -----------------------------------------------------
Institutional Class 5.31%
- -----------------------------------------------------
Class A with front-end load (0.86)%
- -----------------------------------------------------
Class A without load 5.18%
- -----------------------------------------------------
Class C with deferred sales load 4.02%
- -----------------------------------------------------
Class C without deferred sales load 5.02%
- -----------------------------------------------------
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE OM ASSET ALLOCATION BALANCED PORTFOLIO,
CLASS A VERSUS THE S&P 500 INDEX AND THE LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX
[LINE CHART OMITTED, PLOT POINTS FOLLOWS]
OM ASSET ALLOCATION BALANCED LEHMAN BROTHERS U.S.
PORTFOLIO, CLASS A S&P 500 INDEX AGGREGATE INDEX
9/30/2004 10000 10000 10000
10/31/2004 10070 10153 10084
11/30/2004 10410 10564 10003
12/31/2004 10670 10923 10095
1/31/2005 $10519 $10657 $10159
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NOT A
GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE OM ASSET ALLOCATION BALANCED PORTFOLIO (THE "BALANCED FUND")
WILL FLUCTUATE SO THAT INVESTORS' SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH-END,
WHICH MAY BE HIGHER OR LOWER THAN THAT SHOWN, IS AVAILABLE BY CALLING
1.800.744.5050 OR ONLINE AT WWW.OMADVISORFUNDS.COM. The since inception return
has not been annualized. Performance results for such 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 Balanced Fund offers
Institutional Class, Class A and Class C 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. The returns for
certain periods may reflect fee waivers and/or reimbursements in effect for that
period; absent fee waivers and reimbursements, performance may have been lower.
The Balanced Fund's total return is based on net change in NAV, assuming
reinvestment of distributions. The Balanced Fund's investment in technology
companies involves the risk of volatility. Products of technology companies may
be subject to severe competition and rapid obsolescence. An investment in small
and medium capitalization companies involves greater risk and price volatility
than securities of larger, more established companies. Funds that invest in
high-yielding, non-investment grade bonds involve higher risk than funds that
invest solely in investment grade bonds. Adverse conditions may affect the
issuer's ability to make timely interest and principal payments on these
securities. Mutual fund investing involves risk including possible loss of
principal. Investors considering the Balanced Fund should have a long-term
investment horizon. The Balanced Fund will generally impose a 2%
redemption/exchange fee for any share held less than 10 calendar days. This
information must be preceded or accompanied by a current prospectus. Investors
should carefully consider the investment objective, fees charges, expenses and
risks associated with an investment in the fund before investing. These items,
as well as other important information about the investment company can be found
in the Fund's prospectus. Please read the prospectus carefully before investing.
There can be no assurance that any fund will be able to achieve its investment
objective. The Fund commenced operations on September 30, 2004.
The LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX is an unmanaged index of fixed
income securities.
The S&P 500 INDEX is a capitalization-weighted index of 500 stocks designed to
measure performance of the broad domestic economy through changes in the
aggregate market value of 500 stocks representing all major industries.
The Indices are presented for future illustrative purposes only, and are not
intended to imply the past or future performance of the Fund. The performance of
the Indices assume reinvestment of capital gains and income dividends but assume
no transaction costs, taxes, management fees or other expenses. A direct
investment in the Indices is not possible.
7
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO (UNAUDITED)
Portfolio Profile
OBJECTIVE: The Fund seeks to provide investors with
capital appreciation.
INVESTS IN: The Fund's assets are managed according to a three-step process: (1)
the Adviser's allocation of the Fund's assets among equity, fixed income and
money market securities; (2) the selection of Sub-Advisers, based upon
Ibbotson's recommendations related to appropriate market sectors and investment
strategies; and (3) the selection of individual investments by each Sub-Adviser.
Under normal market conditions, the Fund expects to invest approximately 80%
of its total assets in equity securities of large, medium and small sized
companies, 10% of its total assets in long- or intermediate-term fixed income
securities and 10% of its total assets in short-term fixed income and money
market instruments. The Fund has the flexibility to invest approximately 70-90%
of its total assets in equity securities of large, medium and small sized
companies, 0-20% of its total assets in long- or intermediate-term fixed-income
securities and 0-20% of its total assets in short-term fixed income securities
and money market instruments. The Adviser will evaluate these allocation ranges
at least annually.
Performance
For the four months ended January 31, 2005, OM Asset Allocation Moderate Growth
Portfolio Class A returned 6.21% versus a return of 6.57% for its benchmark the
S&P 500 Index.
8
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO (UNAUDITED)
ASSET CLASS WEIGHTINGS AT JANUARY 31, 2005
[PIE CHART OMITTED, PLOT POINTS FOLLOWS]
COMMON STOCK 54%
FOREIGN COMMON STOCK 16%
REPURCHASE AGREEMENT 11%
RESIDENTIAL MORTGAGES-AGENCY 6%
U.S. TREASURY OBLIGATIONS 6%
CORPORATE BONDS 4%
U.S. GOVERNEMENT OBLIGATIONS 2%
INVESTMENT COMPANY 1%
% of Total Portfolio Investments
CUMULATIVE TOTAL RETURN
AS OF JANUARY 31, 2005
Since
Inception
- -----------------------------------------------------
InstitutionalClass 6.32%
- -----------------------------------------------------
Class A with front-end load 0.10%
- -----------------------------------------------------
Class A without load 6.21%
- -----------------------------------------------------
Class C with deferred sales load 4.94%
- -----------------------------------------------------
Class C without deferred sales load 5.94%
- -----------------------------------------------------
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO,
CLASS A VERSUS THE S&P 500 INDEX AND THE LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX
OM ASSET ALLOCATION MODERATE GROWTH LEHMAN BROTHERS U.S.
PORTFOLIO CLASS A S&P 500 INDEX AGGREGATE INDEX
9/30/2004 10000 10000 10000
10/31/2004 10080 10153 10084
11/30/2004 10540 10564 10003
12/31/2004 10851 10923 10095
1/31/2005 10621 10657 10159
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NOT A
GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO (THE "MODERATE
GROWTH FUND") WILL FLUCTUATE SO THAT INVESTORS' SHARES, WHEN SOLD, MAY BE WORTH
MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE DATA CURRENT TO THE MOST
RECENT MONTH-END, WHICH MAY BE HIGHER OR LOWER THAN THAT SHOWN, IS AVAILABLE BY
CALLING 1.800.744.5050 OR ONLINE AT WWW.OMADVISORFUNDS.COM. The since inception
return has not been annualized. Performance results for such 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 Moderate
Growth Fund offers Institutional Class, Class A and Class C 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. The returns for certain periods may reflect fee waivers and/or
reimbursements in effect for that period; absent fee waivers and reimbursements,
performance may have been lower. The Moderate Growth Fund's total return is
based on net change in NAV, assuming reinvestment of distributions. The Moderate
Growth Fund's investment in technology companies involves the risk of
volatility. Products of technology companies may be subject to severe
competition and rapid obsolescence. An investment in small and medium
capitalization companies involves greater risk and price volatility than
securities of larger, more established companies. Funds that invest in
high-yielding, non-investment grade bonds involve higher risk than funds that
invest solely in investment grade bonds. Adverse conditions may affect the
issuer's ability to make timely interest and principal payments on these
securities. Mutual fund investing involves risk including possible loss of
principal. Investors considering the Moderate Growth Fund should have a
long-term investment horizon. The Moderate Growth Fund will generally impose a
2% redemption/exchange fee for any share held less than 10 calendar days. This
information must be preceded or accompanied by a current prospectus. Investors
should carefully consider the investment objective, fees charges, expenses and
risks associated with an investment in the fund before investing. These items,
as well as other important information about the investment company can be found
in the Fund's prospectus. Please read the prospectus carefully before investing.
There can be no assurance that any fund will be able to achieve its investment
objective. The Fund commenced operations on September 30, 2004.
The LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX is an unmanaged index of fixed
income securities.
The S&P 500 INDEX is a capitalization-weighted index of 500 stocks
designed to measure performance of the broad domestic economy through changes in
the aggregate market value of 500 stocks representing all major industries.
The Indices are presented for future illustrative purposes only, and are not
intended to imply the past or future performance of the Fund. The performance of
the Indices assume reinvestment of capital gains and income dividends but assume
no transaction costs, taxes, management fees or other expenses. A direct
investment in the Indices is not possible.
9
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION GROWTH PORTFOLIO
OM ASSET ALLOCATION GROWTH PORTFOLIO (UNAUDITED)
Portfolio Profile
OBJECTIVE: The Fund seeks to provide investors with
capital appreciation.
INVESTS IN: The Fund's assets are managed according to a three-step process: (1)
the Adviser's allocation of the Fund's assets among equity, fixed income and
money market securities; (2) the selection of Sub-Advisers, based upon
Ibbotson's recommendations related to appropriate market sectors and investment
strategies; and (3) the selection of individual investments by each Sub-Adviser.
Under normal market conditions, the Fund will invest approximately 95% of its
total assets in equity securities of large, medium and small sized companies,
and 5% of its total assets in long-, intermediate- or short-term fixed income
securities and money market instruments. The Fund has the flexibility to invest
approximately 85-100% of its total assets in equity securities of large, medium
and small sized companies and up to 15% of its total assets in long-,
intermediate- or short-term fixed income securities and money market
instruments. The Adviser will evaluate these allocation ranges at least
annually.
Performance
For the four months ended January 31, 2005, OM Asset Allocation Growth Portfolio
Class A returned 8.00% versus a return of 6.57% for its benchmark the S&P 500
Index.
10
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION GROWTH PORTFOLIO
OM ASSET ALLOCATION GROWTH PORTFOLIO (UNAUDITED)
ASSET CLASS WEIGHTINGS AT JANUARY 31, 2005
[PIE CHART OMITTED, PLOT POINTS FOLLOWS]
COMMON STOCK 72%
FOREIGN COMMON STOCK 23%
FOREIGN PREFERRED STOCK 1%
REPURCHASE AGREEMENT 4%
% of Total Portfolio Investments
CUMULATIVE TOTAL RETURN
AS OF JANUARY 31, 2005
Since
Inception
- ---------------------------------------------------
Institutional Class 8.12%
- ---------------------------------------------------
Class A with front-end load 1.79%
- ---------------------------------------------------
Class A without load 8.00%
- ---------------------------------------------------
Class C with deferred sales load 6.65%
- ---------------------------------------------------
Class C without deferred sales load 7.65%
- ---------------------------------------------------
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE OM ASSET
ALLOCATION GROWTH PORTFOLIO, CLASS A VERSUS THE S&P 500 INDEX
[LINE CHART OMITTED , PLOT POINTS FOLLOWS]
OM ASSET ALLOCATION GROWTH
PORTFOLIO, CLASS A S&P 500 INDEX
9/30/2004 10000 10000
10/31/2004 10090 10153
11/30/2004 10710 10564
12/31/2004 11100 10923
1/31/2005 $10800 $10657
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NOT A
GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE OM ASSET ALLOCATION GROWTH PORTFOLIO (THE "GROWTH FUND") WILL
FLUCTUATE SO THAT INVESTORS' SHARES, WHEN SOLD, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH-END,
WHICH MAY BE HIGHER OR LOWER THAN THAT SHOWN, IS AVAILABLE BY CALLING
1.800.744.5050 OR ONLINE AT WWW.OMADVISORFUNDS.COM. The since inception return
has not been annualized. Performance results for such 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 Growth Fund offers
Institutional Class, Class A and Class C 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. The returns for
certain periods may reflect fee waivers and/or reimbursements in effect for that
period; absent fee waivers and reimbursements, performance may have been lower.
The Growth Fund's total return is based on net change in NAV, assuming
reinvestment of distributions. The Growth Fund's investment in technology
companies involves the risk of volatility. Products of technology companies may
be subject to severe competition and rapid obsolescence. An investment in small
and medium capitalization companies involves greater risk and price volatility
than securities of larger, more established companies. Funds that invest in
high-yielding, non-investment grade bonds involve higher risk than funds that
invest solely in investment grade bonds. Adverse conditions may affect the
issuer's ability to make timely interest and principal payments on these
securities. Mutual fund investing involves risk including possible loss of
principal. Investors considering the Growth Fund should have a long-term
investment horizon. The Growth Fund will generally impose a 2%
redemption/exchange fee for any share held less than 10 calendar days. This
information must be preceded or accompanied by a current prospectus. Investors
should carefully consider the investment objective, fees charges, expenses and
risks associated with an investment in the fund before investing. These items,
as well as other important information about the investment company can be found
in the Fund's prospectus. Please read the prospectus carefully before investing.
There can be no assurance that any fund will be able to achieve its investment
objective. The Fund commenced operations on September 30, 2004.
The S&P 500 INDEX is a capitalization-weighted index of 500 stocks designed to
measure performance of the broad domestic economy through changes in the
aggregate market value of 500 stocks representing all major industries.
The Index is presented for future illustrative purposes only, and are not
intended to imply the past or future performance of the Fund. The performance of
the Index assumes reinvestment of capital gains and income dividends but assumes
no transaction costs, taxes, management fees or other expenses. A direct
investment in the Index is not possible.
11
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 22.8%
BASIC MATERIALS -- 0.7%
AGRICULTURAL CHEMICALS -- 0.1%
Agrium 450 $ 7
Potash Corporation of Saskatchewan 30 3
----------
10
- --------------------------------------------------------------------------------
CHEMICALS-DIVERSIFIED -- 0.3%
Dow Chemical 235 11
Lyondell Chemical 402 12
----------
23
- --------------------------------------------------------------------------------
CHEMICALS-SPECIALTY -- 0.0%
Eastman Chemical 30 2
----------
2
- --------------------------------------------------------------------------------
COAL -- 0.0%
Peabody Energy 30 3
----------
3
- --------------------------------------------------------------------------------
INDUSTRIAL GASES -- 0.0%
Air Products & Chemicals 20 1
----------
1
- --------------------------------------------------------------------------------
METAL-COPPER -- 0.1%
Phelps Dodge 100 10
----------
10
- --------------------------------------------------------------------------------
PAPER & RELATED PRODUCTS -- 0.1%
International Paper 185 7
Temple-Inland 20 1
----------
8
- --------------------------------------------------------------------------------
STEEL-PRODUCERS -- 0.1%
Nucor 200 11
----------
11
----------
TOTAL BASIC MATERIALS (COST $65) 68
----------
- --------------------------------------------------------------------------------
CONSUMER CYCLICAL -- 2.9%
APPAREL MANUFACTURERS -- 0.1%
Coach* 60 3
Polo Ralph Lauren 90 4
----------
7
- --------------------------------------------------------------------------------
ATHLETIC FOOTWEAR -- 0.0%
Nike 30 3
----------
3
- --------------------------------------------------------------------------------
AUDIO/VIDEO PRODUCTS -- 0.0%
Harman International Industries 30 4
----------
4
- --------------------------------------------------------------------------------
AUTO/TRUCK PARTS & EQUIPMENT-ORIGINAL-- 0.0%
BorgWarner 60 3
----------
3
- --------------------------------------------------------------------------------
BROADCAST SERVICES/PROGRAMMING -- 0.0%
Citadel Broadcasting* 110 2
----------
2
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
BUILDING-RESIDENTIAL/COMMERCIAL -- 0.3%
Centex 82 $ 5
DR Horton 300 12
Lennar 30 1
Pulte Homes 104 7
----------
25
- --------------------------------------------------------------------------------
CABLE TV -- 0.1%
Comcast* 25 1
EchoStar Communications* 160 5
----------
6
- --------------------------------------------------------------------------------
CASINO SERVICES -- 0.2%
Harrah's Entertainment 150 9
International Game Technology 130 4
MGM Mirage* 40 3
----------
16
- --------------------------------------------------------------------------------
CRUISE LINES -- 0.3%
Carnival 446 26
Royal Caribbean Cruises 81 4
----------
30
- --------------------------------------------------------------------------------
ENTERTAINMENT SOFTWARE -- 0.1%
Activision* 460 10
Electronic Arts* 40 3
----------
13
- --------------------------------------------------------------------------------
HOTELS & MOTELS -- 0.0%
Fairmont Hotels & Resorts 20 1
Marriott International 40 2
----------
3
- --------------------------------------------------------------------------------
LEISURE & RECREATIONAL PRODUCTS -- 0.0%
Brunswick 50 2
----------
2
- --------------------------------------------------------------------------------
MOTORCYCLE/MOTOR SCOOTER -- 0.0%
Harley-Davidson 60 4
----------
4
- --------------------------------------------------------------------------------
MULTIMEDIA -- 0.2%
EW Scripps 40 2
Time Warner* 90 1
Walt Disney 416 12
----------
15
- --------------------------------------------------------------------------------
PUBLISHING-NEWSPAPERS -- 0.0%
New York Times 50 2
Tribune 50 2
----------
4
- --------------------------------------------------------------------------------
PUBLISHING-PERIODICALS -- 0.0%
Reader's Digest Association 40 1
----------
1
- --------------------------------------------------------------------------------
RADIO -- 0.0%
Radio One* 110 2
Westwood One* 60 1
----------
3
- --------------------------------------------------------------------------------
12
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
RETAIL-ARTS & CRAFTS -- 0.1%
Michaels Stores 200 $ 6
----------
6
- --------------------------------------------------------------------------------
RETAIL-AUTO PARTS -- 0.1%
Autozone* 132 12
----------
12
- --------------------------------------------------------------------------------
RETAIL-BEDDING -- 0.0%
Bed Bath & Beyond* 60 2
----------
2
- --------------------------------------------------------------------------------
RETAIL-BUILDING PRODUCTS -- 0.1%
Lowe's 160 9
----------
9
- --------------------------------------------------------------------------------
RETAIL-CONSUMER ELECTRONICS -- 0.0%
Best Buy 20 1
----------
1
- --------------------------------------------------------------------------------
RETAIL-DISCOUNT -- 0.2%
Costco Wholesale 40 2
Dollar General 412 8
Family Dollar Stores 50 2
Target 40 2
Wal-Mart Stores 89 5
----------
19
- --------------------------------------------------------------------------------
RETAIL-DRUG STORE -- 0.1%
CVS 150 7
Walgreen 50 2
----------
9
- --------------------------------------------------------------------------------
RETAIL-JEWELRY -- 0.0%
Tiffany 50 2
----------
2
- --------------------------------------------------------------------------------
RETAIL-MAJOR DEPARTMENT STORE -- 0.1%
JC Penney 47 2
Sears Roebuck 56 3
----------
5
- --------------------------------------------------------------------------------
RETAIL-OFFICE SUPPLIES -- 0.1%
OfficeMax 60 2
Staples 100 3
----------
5
- --------------------------------------------------------------------------------
RETAIL-PET FOOD & SUPPLIES -- 0.0%
Petco Animal Supplies* 90 3
----------
3
- --------------------------------------------------------------------------------
RETAIL-REGIONAL DEPARTMENT STORE -- 0.2%
Kohl's* 90 4
Neiman-Marcus Group 150 10
----------
14
- --------------------------------------------------------------------------------
RETAIL-RESTAURANTS -- 0.4%
Starbucks* 40 2
Wendy's International 381 15
----------
17
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
TELEVISION -- 0.0%
Univision Communications* 60 $ 2
----------
2
- --------------------------------------------------------------------------------
TOYS -- 0.2%
Mattel* 714 14
----------
14
----------
TOTAL CONSUMER CYCLICAL (COST $247) 261
----------
- --------------------------------------------------------------------------------
CONSUMER NON-CYCLICAL -- 1.5%
AGRICULTURAL OPERATIONS -- 0.1%
Monsanto 70 4
Tejon Ranch* 50 2
----------
6
- --------------------------------------------------------------------------------
BEVERAGES-NON-ALCOHOLIC -- 0.0%
PepsiCo 62 3
----------
3
- --------------------------------------------------------------------------------
CONSUMER PRODUCTS-MISCELLANEOUS -- 0.0%
Fossil, Cl A* 60 2
----------
2
- --------------------------------------------------------------------------------
COSMETICS & TOILETRIES -- 0.2%
Avon Products 60 2
Estee Lauder 40 2
Procter & Gamble 266 14
----------
18
- --------------------------------------------------------------------------------
FOOD-DAIRY PRODUCTS -- 0.2%
Dean Foods* 504 18
----------
18
- --------------------------------------------------------------------------------
FOOD-FLOUR & GRAIN -- 0.1%
Archer-Daniels-Midland 362 9
----------
9
- --------------------------------------------------------------------------------
FOOD-MEAT PRODUCTS -- 0.1%
Smithfield Foods* 400 12
----------
12
- --------------------------------------------------------------------------------
FOOD-MISCELLANEOUS/DIVERSIFIED -- 0.2%
ConAgra Foods 405 12
HJ Heinz 143 5
----------
17
- --------------------------------------------------------------------------------
FOOD-WHOLESALE/DISTRIBUTION -- 0.0%
Sysco 40 1
----------
1
- --------------------------------------------------------------------------------
POULTRY -- 0.1%
Pilgrim's Pride 250 9
----------
9
- --------------------------------------------------------------------------------
TOBACCO -- 0.5%
Altria Group 473 30
UST 421 22
----------
52
----------
TOTAL CONSUMER NON-CYCLICAL (COST $138) 147
- --------------------------------------------------------------------------------
13
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
ENERGY -- 2.5%
OIL & GAS DRILLING -- 0.2%
ENSCO International 80 $ 3
GlobalSantaFe 90 3
Nabors Industries* 60 3
Patterson-UTI Energy 80 2
Pride International* 80 2
Rowan* 70 2
Todco* 70 1
Transocean* 80 3
----------
19
- --------------------------------------------------------------------------------
OIL COMPANIES-EXPLORATION & PRODUCTION-- 0.5%
Cimarex Energy* 300 11
Murphy Oil 150 13
Newfield Exploration* 150 9
Noble Energy 10 1
Pogo Producing 170 7
XTO Energy 109 4
----------
45
- --------------------------------------------------------------------------------
OIL COMPANIES-INTEGRATED -- 1.1%
BP* 410 25
ChevronTexaco 300 16
ConocoPhillips 438 41
Occidental Petroleum 482 28
----------
110
- --------------------------------------------------------------------------------
OIL FIELD MACHINERY & EQUIPMENT -- 0.1%
National-Oilwell* 40 2
Smith International* 70 4
----------
6
- --------------------------------------------------------------------------------
OIL REFINING & MARKETING -- 0.2%
Valero Energy 310 16
----------
16
- --------------------------------------------------------------------------------
OIL-FIELD SERVICES -- 0.1%
BJ Services 90 4
Schlumberger 30 2
Tidewater 50 2
Weatherford International* 20 1
----------
9
- --------------------------------------------------------------------------------
PIPELINES -- 0.3%
El Paso* 210 3
National Fuel Gas 350 10
Questar 300 15
Williams 70 1
----------
29
----------
TOTAL ENERGY (COST $225) 234
----------
- --------------------------------------------------------------------------------
FINANCIAL -- 4.7%
COMMERCIAL BANKS-CENTRAL US -- 0.0%
TCF Financial 70 2
----------
2
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
COMMERCIAL BANKS-EASTERN US -- 0.1%
Commerce Bancorp 90 $ 5
----------
5
- --------------------------------------------------------------------------------
COMMERCIAL BANKS-SOUTHERN US -- 0.2%
Colonial BancGroup 450 9
Popular 300 8
----------
17
- --------------------------------------------------------------------------------
COMMERCIAL BANKS-WESTERN US -- 0.0%
UCBH Holdings 40 2
----------
2
- --------------------------------------------------------------------------------
FIDUCIARY BANKS -- 0.0%
Investors Financial Services 20 1
State Street 20 1
----------
2
- --------------------------------------------------------------------------------
FINANCE-CONSUMER LOANS -- 0.3%
SLM 496 25
----------
25
- --------------------------------------------------------------------------------
FINANCE-CREDIT CARD -- 0.3%
Capital One Financial 80 6
MBNA 604 16
Providian Financial* 100 2
----------
24
- --------------------------------------------------------------------------------
FINANCE-INVESTMENT BANKER/BROKER -- 0.6%
Citigroup 567 28
Friedman Billings Ramsey Group 130 3
Goldman Sachs Group 70 8
JPMorgan Chase 222 8
Lehman Brothers Holdings 114 10
----------
57
- --------------------------------------------------------------------------------
FINANCE-MORTGAGE LOAN/BANKER -- 0.2%
Countrywide Finance 494 18
----------
18
- --------------------------------------------------------------------------------
FINANCIAL GUARANTEE INSURANCE -- 0.2%
MGIC Investment 230 15
----------
15
- --------------------------------------------------------------------------------
INSURANCE BROKERS -- 0.1%
Brown & Brown 300 13
----------
13
- --------------------------------------------------------------------------------
INVESTMENT MANAGEMENT/ADVISORY SERVICES-- 0.0%
Federated Investors 80 2
Franklin Resources 20 2
----------
4
- --------------------------------------------------------------------------------
LIFE/HEALTH INSURANCE -- 0.2%
Cigna 265 21
Lincoln National 10 1
----------
22
- --------------------------------------------------------------------------------
14
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
MULTI-LINE INSURANCE -- 0.5%
Allmerica Financial* 40 $ 1
Allstate 471 24
American International Group 20 1
Assurant 30 1
Cincinnati Financial 50 2
Hartford Financial Services Group 235 16
Prudential Financial 14 1
----------
46
- --------------------------------------------------------------------------------
PROPERTY/CASUALTY INSURANCE -- 0.4%
Ace Limited* 114 5
Fidelity National Financial 40 2
Safeco 200 9
XL Capital, Cl A 261 19
----------
35
- --------------------------------------------------------------------------------
REAL ESTATE MANAGEMENT/SERVICES -- 0.1%
CB Richard Ellis Group* 150 5
----------
5
- --------------------------------------------------------------------------------
REAL ESTATE OPERATION/DEVELOPMENT -- 0.0%
St. Joe 30 2
----------
2
- --------------------------------------------------------------------------------
REINSURANCE -- 0.1%
Aspen Insurance Holdings* 40 1
Axis Capital Holdings 100 2
Odyssey Re Holdings 30 1
PartnerRe 30 2
----------
6
- --------------------------------------------------------------------------------
REITS-HOTELS -- 0.0%
Host Marriott* 60 1
----------
1
- --------------------------------------------------------------------------------
REITS-OFFICE PROPERTY -- 0.1%
American Financial Realty Trust 130 2
Boston Properties 150 9
----------
11
- --------------------------------------------------------------------------------
REITS-REGIONAL MALLS -- 0.1%
CBL & Associates Properties 150 10
----------
10
- -------------------------------------------------------------------------------
REITS-WAREHOUSE/INDUSTRIAL -- 0.1%
Catellus Development 300 8
----------
8
- --------------------------------------------------------------------------------
S&L/THRIFTS-EASTERN US -- 0.0%
NewAlliance Bancshares* 130 2
----------
2
- --------------------------------------------------------------------------------
S&L/THRIFTS-WESTERN US -- 0.3%
Washington Federal 400 10
Washington Mutual 510 21
----------
31
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
SUPER-REGIONAL BANKS-US -- 0.8%
Bank of America 827 $ 38
PNC Financial Services Group 217 12
US Bancorp 235 7
Wachovia 74 4
Wells Fargo 286 18
----------
79
----------
TOTAL FINANCIAL (COST $435) 442
----------
- --------------------------------------------------------------------------------
HEALTH CARE -- 3.3%
DENTAL SUPPLIES & EQUIPMENT -- 0.1%
Dentsply International 250 14
----------
14
- --------------------------------------------------------------------------------
DIAGNOSTIC EQUIPMENT -- 0.1%
Cytyc* 120 3
Gen-Probe* 43 2
----------
5
- --------------------------------------------------------------------------------
DIALYSIS CENTERS -- 0.0%
DaVita* 20 1
----------
1
- --------------------------------------------------------------------------------
HOSPITAL BEDS/EQUIPMENT -- 0.0%
Hillenbrand Industries 20 1
Kinetic Concepts* 40 3
----------
4
- --------------------------------------------------------------------------------
MEDICAL INSTRUMENTS -- 0.3%
Boston Scientific* 80 3
Guidant 137 10
St. Jude Medical* 290 11
----------
24
- --------------------------------------------------------------------------------
MEDICAL LABS & TESTING SERVICES -- 0.1%
Covance* 200 8
Quest Diagnostics 30 3
----------
11
- --------------------------------------------------------------------------------
MEDICAL PRODUCTS -- 0.7%
Baxter International 579 20
Becton Dickinson 30 2
Cooper 50 4
Henry Schein* 20 1
Inamed* 50 3
Johnson & Johnson 364 24
Stryker 30 1
Varian Medical Systems* 100 4
Zimmer Holdings* 120 9
----------
68
- --------------------------------------------------------------------------------
MEDICAL-BIOMEDICAL/GENETIC -- 0.2%
Amgen* 40 2
Biogen Idec* 30 2
Genentech* 170 8
Genzyme* 20 1
Millipore* 18 1
Protein Design Labs* 183 4
----------
18
- --------------------------------------------------------------------------------
15
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
MEDICAL-DRUGS -- 0.5%
Abbott Laboratories 30 $ 1
Bristol-Myers Squibb 566 13
Forest Laboratories* 140 6
Pfizer 661 16
Schering-Plough 792 15
----------
51
- --------------------------------------------------------------------------------
MEDICAL-GENERIC DRUGS -- 0.2%
Barr Pharmaceuticals* 40 2
Teva Pharmaceutical Industries* 470 14
Watson Pharmaceuticals* 50 1
----------
17
- --------------------------------------------------------------------------------
MEDICAL-HMO -- 0.7%
Aetna 77 10
Pacificare Health Systems* 150 9
UnitedHealth Group 169 15
WellPoint* 239 29
----------
63
- --------------------------------------------------------------------------------
MEDICAL-HOSPITALS -- 0.0%
Tenet Healthcare* 180 2
----------
2
- --------------------------------------------------------------------------------
MEDICAL-OUTPATIENT/HOME MEDICAL -- 0.0%
Lincare Holdings* 50 2
----------
2
- --------------------------------------------------------------------------------
MEDICAL-WHOLESALE DRUG DISTRIBUTORS-- 0.2%
AmerisourceBergen 277 16
Cardinal Health 20 1
----------
17
- --------------------------------------------------------------------------------
OPTICAL SUPPLIES -- 0.1%
Alcon 100 8
----------
8
- --------------------------------------------------------------------------------
PHARMACY SERVICES -- 0.0%
Caremark Rx* 120 5
----------
5
- --------------------------------------------------------------------------------
THERAPEUTICS -- 0.1%
Gilead Sciences* 150 5
----------
5
----------
TOTAL HEALTH CARE (COST $304) 315
----------
- --------------------------------------------------------------------------------
INDUSTRIAL -- 1.9%
AEROSPACE/DEFENSE -- 0.2%
Boeing 179 9
Lockheed Martin 30 2
Rockwell Collins 140 6
----------
17
- --------------------------------------------------------------------------------
AEROSPACE/DEFENSE-EQUIPMENT -- 0.1%
Alliant Techsystems* 170 11
----------
11
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
AIRLINES -- 0.0%
Southwest Airlines 200 $ 3
----------
3
- --------------------------------------------------------------------------------
BUILDING PRODUCTS-CEMENT/AGGREGATE-- 0.1%
Lafarge North America 200 11
----------
11
- --------------------------------------------------------------------------------
CONTAINERS-PAPER/PLASTIC -- 0.1%
Sealed Air* 200 10
----------
10
- --------------------------------------------------------------------------------
DIVERSIFIED MANUFACTURING OPERATIONS-- 0.3%
Brink's 50 2
Danaher 30 2
General Electric 110 4
Honeywell International 247 9
Tyco International 430 15
----------
32
- --------------------------------------------------------------------------------
ELECTRIC PRODUCTS-MISCELLANEOUS -- 0.2%
Emerson Electric 278 19
----------
19
- --------------------------------------------------------------------------------
ELECTRONIC MEASURING INSTRUMENTS -- 0.1%
Flir Systems* 60 3
Garmin 50 3
Tektronix 102 3
----------
9
- --------------------------------------------------------------------------------
HAZARDOUS WASTE DISPOSAL -- 0.0%
Stericycle* 60 3
----------
3
- --------------------------------------------------------------------------------
INDUSTRIAL AUTOMATION/ROBOT -- 0.1%
Rockwell Automation 70 4
----------
4
- --------------------------------------------------------------------------------
INSTRUMENTS-CONTROLS -- 0.0%
Thermo Electron* 110 3
----------
3
- --------------------------------------------------------------------------------
INSTRUMENTS-SCIENTIFIC -- 0.0%
Applera Corp - Applied Biosystems Group 60 1
----------
1
- --------------------------------------------------------------------------------
MACHINERY-CONSTRUCTION & MINING -- 0.2%
Caterpillar 73 6
Terex* 200 9
----------
15
- --------------------------------------------------------------------------------
METAL PROCESSORS & FABRICATORS -- 0.1%
Precision Castparts 60 4
----------
4
- --------------------------------------------------------------------------------
POWER CONVERSION/SUPPLY EQUIPMENT -- 0.2%
American Power Conversion 816 18
----------
18
- --------------------------------------------------------------------------------
16
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
TOOLS-HAND HELD -- 0.2%
Stanley Works 343 $ 16
----------
16
----------
TOTAL INDUSTRIAL (COST $168) 176
----------
- --------------------------------------------------------------------------------
SERVICES -- 0.9%
ADVERTISING AGENCIES -- 0.0%
Interpublic Group* 240 3
----------
3
- --------------------------------------------------------------------------------
ADVERTISING SERVICES -- 0.0%
Getty Images* 50 3
----------
3
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES -- 0.0%
Quanta Services* 200 2
----------
2
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES-FINANCE -- 0.1%
H&R Block 107 5
Paychex 90 3
----------
8
- --------------------------------------------------------------------------------
COMPUTER SERVICES -- 0.2%
Affiliated Computer Services* 58 3
Anteon International* 50 2
Cognizant Technology Solutions* 290 11
DST Systems* 30 1
Manhattan Associates* 120 3
----------
20
- --------------------------------------------------------------------------------
CONSULTING SERVICES -- 0.1%
Accenture, Cl A* 30 1
UnitedGlobalCom* 290 3
----------
4
- --------------------------------------------------------------------------------
E-COMMERCE/SERVICES -- 0.1%
eBay* 40 3
Monster Worldwide* 100 3
----------
6
- --------------------------------------------------------------------------------
HUMAN RESOURCES -- 0.0%
Manpower 70 3
----------
3
- --------------------------------------------------------------------------------
PRINTING-COMMERCIAL -- 0.0%
RR Donnelley & Sons 8 --
----------
--
- --------------------------------------------------------------------------------
RENTAL AUTO/EQUIPMENT -- 0.1%
Rent-A-Center* 250 6
----------
6
- --------------------------------------------------------------------------------
SCHOOLS -- 0.2%
Apollo Group* 160 13
Education Management* 60 2
Strayer Education 10 1
----------
16
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
TELEPHONE-INTEGRATED -- 0.1%
Sprint-FON Group* 33 $ 1
Verizon Communications 285 10
----------
11
----------
TOTAL SERVICES (COST $81) 82
----------
- --------------------------------------------------------------------------------
TECHNOLOGY -- 3.0%
APPLICATIONS SOFTWARE -- 0.3%
Citrix Systems* 80 2
Infosys Technologies 60 4
Intuit* 70 3
Microsoft 395 10
Satyam Computer Services* 120 3
Siebel Systems* 180 1
Wipro ADR 120 3
----------
26
- --------------------------------------------------------------------------------
CELLULAR TELECOMMUNICATIONS -- 0.2%
Nextel Communications* 298 8
Nextel Partners* 230 5
NII Holdings* 81 4
----------
17
- --------------------------------------------------------------------------------
COMPUTER AIDED DESIGN -- 0.0%
Autodesk 120 3
----------
3
- --------------------------------------------------------------------------------
COMPUTERS -- 0.3%
Apple Computer* 10 1
Dell* 208 9
Hewlett-Packard 36 1
International Business Machines 157 14
----------
25
- --------------------------------------------------------------------------------
COMPUTERS-MEMORY DEVICES -- 0.1%
EMC* 190 3
Network Appliance* 140 4
----------
7
- --------------------------------------------------------------------------------
DATA PROCESSING/MANAGEMENT -- 0.1%
Dun & Bradstreet* 20 1
MoneyGram International* 60 1
NAVTEQ* 40 2
SEI Investments 40 1
Veritas Software* 200 5
----------
10
- --------------------------------------------------------------------------------
DECISION SUPPORT SOFTWARE -- 0.1%
Cognos* 90 4
----------
4
- --------------------------------------------------------------------------------
ELECTRONIC COMPONENTS-MISCELLANEOUS-- 0.1%
Celestica* 80 1
Flextronics International* 220 3
Jabil Circuit* 148 3
Sanmina-SCI* 430 3
----------
10
- --------------------------------------------------------------------------------
17
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
ELECTRONIC COMPONENTS-SEMICONDUCTORS-- 0.4%
Broadcom* 210 $ 7
Intel 152 3
Intersil 40 1
MEMC Electronic Materials* 500 6
Nvidia* 110 2
QLogic* 280 11
Texas Instruments 220 5
Xilinx 80 2
----------
37
- --------------------------------------------------------------------------------
ELECTRONIC FORMS -- 0.0%
Adobe Systems 50 3
----------
3
- --------------------------------------------------------------------------------
ENTERPRISE SOFTWARE/SERVICES -- 0.1%
MicroStrategy* 20 1
Oracle* 276 4
SAP* 170 7
----------
12
- --------------------------------------------------------------------------------
INTERNET INFRASTRUCTURE EQUIPMENT -- 0.0%
Avocent* 60 2
----------
2
- --------------------------------------------------------------------------------
INTERNET INFRASTRUCTURE SOFTWARE -- 0.0%
TIBCO Software* 240 3
----------
3
- --------------------------------------------------------------------------------
INTERNET SECURITY -- 0.1%
Symantec* 320 7
VeriSign* 110 3
----------
10
- --------------------------------------------------------------------------------
NETWORKING PRODUCTS -- 0.2%
Cisco Systems* 885 16
Juniper Networks* 100 3
Polycom* 140 2
----------
21
- --------------------------------------------------------------------------------
OFFICE AUTOMATION & EQUIPMENT -- 0.2%
Canon ADR* 200 10
Pitney Bowes 167 8
Xerox* 50 1
----------
19
- --------------------------------------------------------------------------------
SEMICONDUCTOR COMPONENTS-INTEGRATED CIRCUITS-- 0.0%
Integrated Circuit Systems* 50 1
Integrated Device Technology* 120 2
Maxim Integrated Products 30 1
----------
4
- --------------------------------------------------------------------------------
SEMICONDUCTOR EQUIPMENT -- 0.0%
Applied Materials* 80 1
----------
1
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT -- 0.1%
Adtran 40 1
Comverse Technology* 161 4
Lucent Technologies* 380 1
----------
6
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS SERVICES -- 0.3%
Amdocs* 520 $ 15
Telecom Corp of New Zealand 2,397 11
----------
26
- --------------------------------------------------------------------------------
WEB HOSTING/DESIGN -- 0.1%
Macromedia* 118 4
----------
4
- --------------------------------------------------------------------------------
WEB PORTALS/ISP -- 0.1%
Google* 10 2
Yahoo!* 310 11
----------
13
- --------------------------------------------------------------------------------
WIRELESS EQUIPMENT -- 0.2%
Motorola 545 9
Qualcomm 274 10
----------
19
----------
TOTAL TECHNOLOGY (COST $272) 282
----------
- --------------------------------------------------------------------------------
TRANSPORTATION -- 0.6%
TRANSPORT-AIR FREIGHT -- 0.0%
CNF 40 2
----------
2
- --------------------------------------------------------------------------------
TRANSPORT-MARINE -- 0.1%
Overseas Shipholding Group 200 11
----------
11
- --------------------------------------------------------------------------------
TRANSPORT-SERVICES -- 0.1%
Expeditors International Washington 200 11
United Parcel Service 27 2
----------
13
- --------------------------------------------------------------------------------
TRANSPORT-TRUCK -- 0.2%
JB Hunt Transport Services 310 14
----------
14
- --------------------------------------------------------------------------------
TRANSPORTATION-RAIL -- 0.2%
Burlington Northern Santa Fe 421 20
----------
20
----------
TOTAL TRANSPORTATION (COST $56) 60
----------
- --------------------------------------------------------------------------------
UTILITIES -- 0.8%
ELECTRIC-INTEGRATED -- 0.7%
Alliant Energy 30 1
Duke Energy 566 15
Edison International 8 --
Entergy 336 23
OGE Energy 450 12
Public Service Enterprise Group 30 2
TXU 134 9
----------
62
- --------------------------------------------------------------------------------
POWER CONVERSION/SUPPLY EQUIPMENT -- 0.1%
American Electric Power 383 14
----------
14
----------
TOTAL UTILITIES (COST $70) 76
----------
TOTAL COMMON STOCK (COST $2,071) 2,143
----------
- --------------------------------------------------------------------------------
18
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
FOREIGN COMMON STOCK -- 5.1%
AUSTRALIA -- 0.4%
Australia & New Zealand Banking Group* 700 $ 11
BlueScope Steel 1,400 10
Insurance Australia Group 2,700 13
QBE Insurance Group 650 8
----------
TOTAL AUSTRALIA 42
----------
- --------------------------------------------------------------------------------
AUSTRIA -- 0.1%
Andritz* 100 8
----------
TOTAL AUSTRIA 8
----------
- --------------------------------------------------------------------------------
BELGIUM -- 0.1%
Dexia* 625 14
----------
TOTAL BELGIUM 14
----------
- --------------------------------------------------------------------------------
BERMUDA -- 0.1%
Renaissancere Holdings 200 10
----------
TOTAL BERMUDA 10
----------
- --------------------------------------------------------------------------------
CANADA -- 0.6%
Dofasco* 35 1
Encana 192 11
Goldcorp 550 8
Penn West Petroleum* 100 7
PetroKazakhstan, Cl A 250 9
Precision Drilling* 150 10
Telesystem International Wireless* 500 7
----------
TOTAL CANADA 53
----------
- --------------------------------------------------------------------------------
DENMARK -- 0.1%
Auriga Industries, Cl B* 200 5
----------
TOTAL DENMARK 5
----------
- --------------------------------------------------------------------------------
FINLAND -- 0.0%
Rautaruukki* 400 4
----------
TOTAL FINLAND 4
----------
- --------------------------------------------------------------------------------
FRANCE -- 0.3%
BNP Paribas* 200 14
Societe Generale* 75 8
TOTAL* 15 3
----------
TOTAL FRANCE 25
----------
- --------------------------------------------------------------------------------
GERMANY -- 0.3%
Allianz* 45 5
BASF* 104 7
Continental* 57 4
Schering* 158 11
----------
TOTAL GERMANY 27
----------
- --------------------------------------------------------------------------------
GREECE -- 0.0%
Intracom* 200 1
----------
TOTAL GREECE 1
----------
- --------------------------------------------------------------------------------
ITALY -- 0.1%
Banca Intesa* 1,400 6
----------
TOTAL ITALY 6
----------
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
JAPAN -- 0.9%
Bosch Auto Systems* 15 $ --
Kawasaki Kisen Kaisha 1,600 11
Mitsubishi 300 4
Mitsui OSK Lines 1,800 11
Nippon Steel 4,700 11
Nippon Yusen Kabushiki Kaisha 2,000 11
Santen Pharmaceutical 250 5
Seiko Epson 200 8
Toshiba TEC* 1,000 5
Toyota Tsusho* 1,000 16
----------
TOTAL JAPAN 82
----------
- --------------------------------------------------------------------------------
NETHERLANDS -- 0.3%
CNH Global 250 5
ING Groep* 480 14
TPG* 300 8
----------
TOTAL NETHERLANDS 27
----------
- --------------------------------------------------------------------------------
NEW ZEALAND -- 0.1%
Fletcher Building 1,642 8
----------
TOTAL NEW ZEALAND 8
----------
- --------------------------------------------------------------------------------
NORWAY -- 0.1%
Statoil* 740 11
----------
TOTAL NORWAY 11
----------
- --------------------------------------------------------------------------------
SPAIN -- 0.1%
Banco Bilbao Vizcaya Argentaria 500 8
Telefonica* 300 6
----------
TOTAL SPAIN 14
----------
- --------------------------------------------------------------------------------
SWEDEN -- 0.1%
TeliaSonera 2,400 14
----------
TOTAL SWEDEN 14
----------
- --------------------------------------------------------------------------------
SWITZERLAND -- 0.2%
Credit Suisse Group* 350 14
Zurich Financial Services* 40 7
----------
TOTAL SWITZERLAND 21
----------
- --------------------------------------------------------------------------------
UNITED KINGDOM -- 1.2%
Alliance Unichem 640 9
Corus Group* 5,000 5
HBOS* 530 8
HSBC Holdings* 600 10
Imperial Tobacco Group ADR 421 22
International Power* 2,100 7
Next 153 5
Royal Bank of Scotland Group* 415 14
SABMiller 660 10
Shell Transport & Trading* 1,300 11
Shire Pharmaceuticals Group* 200 2
Tesco 700 4
William Hill 142 2
----------
TOTAL UNITED KINGDOM 109
----------
TOTAL FOREIGN COMMON STOCK (COST $451) 481
----------
- --------------------------------------------------------------------------------
19
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Shares/Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
FOREIGN PREFERRED STOCK -- 0.0%
GERMANY -- 0.0%
Porsche* 4 $ 3
----------
TOTAL GERMANY 3
----------
TOTAL FOREIGN PREFERRED STOCK (COST $2) 3
----------
- --------------------------------------------------------------------------------
RESIDENTIAL MORTGAGES-AGENCY -- 14.4%
Federal Home Loan Mortgage
Corporation 15 year
5.500%, 09/01/19 $ 51 53
Federal Home Loan Mortgage
Corporation 30 year
6.000%, 08/01/29 37 38
5.500%, 10/01/34 100 102
5.500%, 01/01/35 195 199
5.500%, 02/01/35 209 213
Federal National Mortgage
Association 15 year
5.000%, 10/01/19 50 51
Federal National Mortgage
Association 30 year
6.500%, 08/01/34 27 28
6.500%, 10/01/34 59 61
5.500%, 10/01/34 29 29
5.000%, 11/01/33 85 85
Federal National Mortgage
Association TBA
6.000%, 02/01/35 440 454
Government National Mortgage
Association 30 year
6.000%, 12/15/34 25 26
5.500%, 01/20/35 25 26
----------
TOTAL RESIDENTIAL MORTGAGES-AGENCY (COST $1,363) 1,365
----------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES -- 1.2%
HOME EQUITY LOANS -- 1.2%
Citigroup Commercial Mortgage,
Ser 2004-C2, Cl A3
4.380%, 10/15/41 25 25
GE Capital Commercial Mortgage,
Ser 2004-C3, Cl A3 (C)
4.865%, 07/10/39 35 36
JP Morgan Chase Commercial Mortgage,
Ser 2004-CBX, Cl A4
4.529%, 11/12/39 30 30
Residential Asset Mortgage Program,
Ser 2004-RS12, Cl AI2
3.767%, 02/25/27 25 25
----------
TOTAL ASSET-BACKED SECURITIES (COST $116) 116
----------
- --------------------------------------------------------------------------------
U.S. GOVERNMENT BONDS -- 7.3%
Federal Home Loan Mortgage Corporation
6.000%, 03/01/33 142 147
5.875%, 03/21/11 25 27
Federal National Mortgage Association
5.125%, 01/02/14 30 31
2.330%, 02/09/05 34 34
2.250%, 02/10/05 (C) 450 450
----------
TOTAL U.S. GOVERNMENT BONDS (COST $689) 689
----------
- --------------------------------------------------------------------------------
Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
CORPORATE BONDS -- 14.9%
Advanta Capital Trust, Ser B
8.990%, 12/17/26 $ 15 $ 15
Allegheny Energy Supply 144A
8.250%, 04/15/12 18 20
ALROSA Finance 144A
8.875%, 11/17/14 15 16
American General Finance,
Ser G MTN
5.375%, 09/01/09 10 10
Ames True Temper 144A
6.640%, 01/15/12 15 15
Amgen 144A
4.000%, 11/18/09 10 10
Appalachian Power, Ser H
5.950%, 05/15/33 15 16
Assurant
5.625%, 02/15/14 10 10
AT&T Wireless Services
8.750%, 03/01/31 20 27
8.125%, 05/01/12 10 12
Bank One
5.900%, 11/15/11 30 32
Baxter International
5.250%, 05/01/07 30 31
BCP Caylux Holdings 144A
9.625%, 06/15/14 18 20
Bombardier 144A
6.300%, 05/01/14 20 17
Broder Brothers
11.250%, 10/15/10 20 21
Capital One Bank
5.750%, 09/15/10 5 5
Carnival
3.750%, 11/15/07 30 30
Caterpillar Finance Services,
Ser F MTN
3.700%, 08/15/08 35 35
City Telecom 144A
8.750%, 02/01/15 15 16
Comcast
7.625%, 02/15/08 10 11
5.500%, 03/15/11 10 11
ConAgra Foods
7.125%, 10/01/26 15 18
Consolidated Natural Gas
6.875%, 10/15/26 15 18
Countrywide Home Loan MTN
3.250%, 05/21/08 20 19
DaimlerChrysler
4.750%, 01/15/08 10 10
Dominion Resources
5.000%, 03/15/13 10 10
Douglas Dynamic 144A
7.750%, 01/15/12 17 17
Echostar 144A
6.625%, 10/01/14 18 18
Fidelity National Financial
7.300%, 08/15/11 25 27
Ford Motor Credit
6.500%, 01/25/07 5 5
- --------------------------------------------------------------------------------
20
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
CORPORATE BONDS -- CONTINUED
FPL Group Capital
4.086%, 02/16/07 $ 10 $ 10
General Electric Capital, Ser A MTN
6.875%, 11/15/10 35 39
General Motors
8.375%, 07/15/33 5 5
General Motors Acceptance
6.125%, 08/28/07 5 5
Hewlett-Packard
5.750%, 12/15/06 20 21
Household Finance
6.375%, 11/27/12 20 22
Intelsat Bermuda 144A
7.794%, 01/15/12 28 29
John Deere Capital, Ser D MTN
4.125%, 01/15/10 35 35
Kerr-McGee
5.875%, 09/15/06 25 26
Leslie's Poolmart 144A
7.750%, 02/01/13 20 20
Marathon Oil
5.375%, 06/01/07 15 16
Merrill Lynch, Ser C MTN
5.000%, 01/15/15 30 30
MGM Mirage
5.875%, 02/27/14 18 18
Midamerican Energy Holdings
5.875%, 10/01/12 10 11
3.500%, 05/15/08 15 15
Morgan Stanley
4.000%, 01/15/10 30 30
Motorola
4.608%, 11/16/07 40 41
Neenah Paper 144A
7.375%, 11/15/14 20 20
Norfolk Southern
7.050%, 05/01/37 25 31
Ocean Energy
4.375%, 10/01/07 20 20
Prudential Financial MTN
3.750%, 05/01/08 10 10
Prudential Financial, Ser B MTN
5.100%, 09/20/14 10 10
PSE&G Power
6.950%, 06/01/12 15 17
Qwest 144A
9.125%, 03/15/12 18 20
Reed Elsevier Capital
6.125%, 08/01/06 40 41
Rogers Cable 144A
6.750%, 03/15/15 20 20
Rogers Wireless 144A
8.000%, 12/15/12 20 21
Schering-Plough
6.500%, 12/01/33 20 23
SLM, Ser A MTN
3.950%, 08/15/08 15 15
- --------------------------------------------------------------------------------
Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
CORPORATE BONDS -- CONTINUED
Solo Cup
8.500%, 02/15/14 $ 18 $ 18
Southern Co Capital Funding, Ser A
5.300%, 02/01/07 15 16
Sprint Capital
6.000%, 01/15/07 20 21
STATS ChipPAC 144A
6.750%, 11/15/11 20 19
Time Warner
7.625%, 04/15/31 30 37
Universal City Florida Holdings 144A
7.200%, 05/01/10 20 21
Univision Communications
3.875%, 10/15/08 15 15
Uno Restaurants 144A
10.000%, 02/15/11 25 25
Verizon Communications
6.360%, 04/15/06 20 21
Verizon Wireless Capital
5.375%, 12/15/06 20 21
Washington Mutual Financial
6.875%, 05/15/11 10 11
Wellpoint 144A
5.000%, 12/15/14 10 10
3.750%, 12/14/07 10 10
Weyerhaeuser
5.950%, 11/01/08 15 16
Wyeth
5.500%, 02/01/14 10 10
Xcel Energy
7.000%, 12/01/10 20 23
----------
TOTAL CORPORATE BONDS (COST $1,429) 1,437
----------
- --------------------------------------------------------------------------------
FOREIGN BOND -- 0.2%
United Mexican States MTN, Ser A
7.500%, 04/08/33 20 22
----------
TOTAL FOREIGN BOND (COST $21) 22
----------
- --------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS -- 12.0%
U.S. Treasury Bills
2.215%, 04/07/05 (B) 506 504
U.S. Treasury Bond
7.500%, 11/15/16 50 65
5.375%, 02/15/31 70 78
3.375%, 09/15/09 110 109
U.S. Treasury Note
5.750%, 08/15/10 105 115
4.625%, 05/15/06 55 56
4.250%, 08/15/14 135 136
3.875%, 05/15/09 80 81
----------
TOTAL U.S. TREASURY OBLIGATIONS (COST $1,138) 1,144
----------
21
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 19.1%
Deutsche Bank
2.480%, dated 01/31/05, to be repurchased
on 02/01/05, repurchase price $1,813,152
(collateralized by U.S. Government
obligations with par value $1,847,000,
3.000%, 09/29/06; total market
value $1,849,672) (A) $1,813 $ 1,813
----------
TOTAL REPURCHASE AGREEMENT (COST $1,813) 1,813
----------
TOTAL INVESTMENTS (97.0%) (COST $9,083) $ 9,213
==========
PERCENTAGES ARE BASED ON NET ASSETS OF $9,493,135.
* Non-income producing security.
(A)-- Tri-party repurchase agreement
(B) -- Zero coupon security. The rate reported on the Schedule of Investments is
the effective yield at time of purchase.
(C) -- Variable rate security. The rate reported is the rate as of January 31,
2005.
144A -- Security except from registration under Rule 144A of the Securities Act
of 1933. This security may be resold in transactions exempt from registration
normally to qualified institutions. On January 31, 2005, the value of these
securities amounted to approximately $364,000, representing 4.0% of net assets
of the Fund.
ADR -- American Depositary Receipt
Cl -- Class
MTN -- Medium Term Note
REITs -- Real Estate Investment Trusts
Ser -- Series
TBA -- Security traded under delayed
delivery commitments settling after January 31, 2005. Income on this security
will not be earned until settlement date.
Amounts designated as "--" are either $0 or have been rounded to $0.
Cost figures are shown with "000's" omitted.
The accompanying notes are an integral part of the financial statements.
22
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 42.3%
BASIC MATERIALS -- 1.3%
AGRICULTURAL CHEMICALS -- 0.2%
Agrium 950 $ 16
Potash Corporation of Saskatchewan 150 12
----------
28
- --------------------------------------------------------------------------------
BUILDING & CONSTRUCTION PRODUCTS-MISCELLANEOUS-- 0.0%
USG* 100 3
----------
3
- --------------------------------------------------------------------------------
CHEMICALS-DIVERSIFIED -- 0.6%
Dow Chemical 1,043 52
Lyondell Chemical 590 17
Olin 1,640 37
----------
106
- --------------------------------------------------------------------------------
CHEMICALS-SPECIALTY -- 0.1%
Eastman Chemical 80 4
Great Lakes Chemical 420 11
----------
15
- --------------------------------------------------------------------------------
COAL -- 0.1%
Peabody Energy 140 12
----------
12
- --------------------------------------------------------------------------------
CONTAINERS-METAL/GLASS -- 0.0%
Crown Holdings* 300 4
----------
4
- --------------------------------------------------------------------------------
INDUSTRIAL GASES -- 0.0%
Air Products & Chemicals 50 3
Airgas 200 5
----------
8
- --------------------------------------------------------------------------------
METAL-COPPER -- 0.1%
Phelps Dodge 210 20
----------
20
- --------------------------------------------------------------------------------
PAPER & RELATED PRODUCTS -- 0.1%
International Paper 271 11
Neenah Paper* 300 10
Schweitzer-Mauduit International 100 3
Temple-Inland 40 2
----------
26
- --------------------------------------------------------------------------------
STEEL-PRODUCERS -- 0.1%
Nucor 400 23
Schnitzer Steel Industries 100 3
----------
26
----------
TOTAL BASIC MATERIALS (COST $233) 248
----------
- --------------------------------------------------------------------------------
CONSUMER CYCLICAL -- 6.2%
APPAREL MANUFACTURERS -- 0.2%
Carter's* 255 10
Coach* 270 15
Polo Ralph Lauren 210 8
----------
33
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
ATHLETIC FOOTWEAR -- 0.1%
Nike 120 $ 10
----------
10
- --------------------------------------------------------------------------------
AUDIO/VIDEO PRODUCTS -- 0.1%
Harman International Industries 190 23
----------
23
- --------------------------------------------------------------------------------
AUTO/TRUCK PARTS & EQUIPMENT-ORIGINAL-- 0.1%
BorgWarner 340 18
----------
18
- --------------------------------------------------------------------------------
BROADCAST SERVICES/PROGRAMMING -- 0.0%
Citadel Broadcasting* 300 4
----------
4
- --------------------------------------------------------------------------------
BUILDING-RESIDENTIAL/COMMERCIAL -- 0.4%
Centex 315 19
DR Horton 630 25
Lennar 80 5
Orleans Homebuilders* 360 7
Pulte Homes 293 19
----------
75
- --------------------------------------------------------------------------------
CABLE TV -- 0.2%
Comcast* 94 3
EchoStar Communications* 160 5
Insight Communications* 1,210 12
Mediacom Communications* 4,025 24
----------
44
- --------------------------------------------------------------------------------
CASINO SERVICES -- 0.3%
Harrah's Entertainment 350 22
International Game Technology 520 16
MGM Mirage* 150 11
Scientific Games* 350 9
----------
58
- --------------------------------------------------------------------------------
CRUISE LINES -- 0.4%
Carnival 904 52
Royal Caribbean Cruises 420 22
----------
74
- --------------------------------------------------------------------------------
DISTRIBUTION/WHOLESALE -- 0.0%
Nuco2* 100 2
----------
2
- --------------------------------------------------------------------------------
ENTERTAINMENT SOFTWARE -- 0.2%
Activision* 1,150 26
Electronic Arts* 230 15
THQ* 200 4
----------
45
- --------------------------------------------------------------------------------
HOTELS & MOTELS -- 0.3%
Fairmont Hotels & Resorts 50 2
Jameson Inns* 8,080 15
Lodgian* 605 7
Marriott International 230 14
Starwood Hotels & Resorts Worldwide 331 19
----------
57
- --------------------------------------------------------------------------------
23
<page>
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
LEISURE & RECREATIONAL PRODUCTS -- 0.1%
Brunswick 240 $ 11
----------
11
- --------------------------------------------------------------------------------
MOTORCYCLE/MOTOR SCOOTER -- 0.0%
Harley-Davidson 140 8
----------
8
- --------------------------------------------------------------------------------
MULTIMEDIA -- 0.5%
Entravision Communications* 2,480 20
EW Scripps 100 5
Time Warner* 410 7
Walt Disney 1,867 53
----------
85
- --------------------------------------------------------------------------------
PUBLISHING-BOOKS -- 0.1%
Scholastic* 790 27
----------
27
- --------------------------------------------------------------------------------
PUBLISHING-NEWSPAPERS -- 0.1%
Journal Register* 800 15
New York Times 130 5
Tribune 130 5
----------
25
- --------------------------------------------------------------------------------
PUBLISHING-PERIODICALS -- 0.1%
Reader's Digest Association 1,100 18
----------
18
- --------------------------------------------------------------------------------
RADIO -- 0.4%
Cumulus Media* 525 7
Emmis Communications* 1,050 18
Radio One* 1,010 16
Spanish Broadcasting System* 2,185 23
Westwood One* 160 4
----------
68
- --------------------------------------------------------------------------------
RETAIL-APPAREL/SHOE -- 0.1%
Charming Shoppes* 650 6
Childrens Place* 250 10
JOS A Bank Clothiers* 150 4
Too* 230 6
----------
26
- --------------------------------------------------------------------------------
RETAIL-ARTS & CRAFTS -- 0.1%
Michaels Stores 600 19
----------
19
- --------------------------------------------------------------------------------
RETAIL-AUTO PARTS -- 0.2%
Autozone* 398 36
----------
36
- --------------------------------------------------------------------------------
RETAIL-BEDDING -- 0.1%
Bed Bath & Beyond* 260 11
----------
11
- --------------------------------------------------------------------------------
RETAIL-BUILDING PRODUCTS -- 0.2%
Lowe's 500 29
----------
29
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
RETAIL-CONSUMER ELECTRONICS -- 0.0%
Best Buy 100 $ 5
----------
5
- --------------------------------------------------------------------------------
RETAIL-CONVENIENCE STORE -- 0.0%
7-Eleven* 250 6
----------
6
- --------------------------------------------------------------------------------
RETAIL-DISCOUNT -- 0.3%
Costco Wholesale 100 5
Dollar General 604 12
Family Dollar Stores 140 5
Target 220 11
Wal-Mart Stores 360 19
----------
52
- --------------------------------------------------------------------------------
RETAIL-DRUG STORE -- 0.1%
CVS 330 15
Walgreen 260 11
----------
26
- --------------------------------------------------------------------------------
RETAIL-JEWELRY -- 0.0%
Tiffany 120 4
----------
4
- --------------------------------------------------------------------------------
RETAIL-MAJOR DEPARTMENT STORE -- 0.2%
JCPenney 941 40
----------
40
- --------------------------------------------------------------------------------
RETAIL-OFFICE SUPPLIES -- 0.1%
OfficeMax 190 5
Staples 480 16
----------
21
- --------------------------------------------------------------------------------
RETAIL-PAWN SHOPS -- 0.1%
Cash America International 200 6
Ezcorp* 200 4
----------
10
- --------------------------------------------------------------------------------
RETAIL-PET FOOD & SUPPLIES -- 0.1%
Petco Animal Supplies* 460 18
----------
18
- --------------------------------------------------------------------------------
RETAIL-PETROLEUM PRODUCTS -- 0.1%
World Fuel Services 200 10
----------
10
- --------------------------------------------------------------------------------
RETAIL-REGIONAL DEPARTMENT STORE -- 0.2%
Kohl's* 200 9
Neiman-Marcus Group 400 27
----------
36
- --------------------------------------------------------------------------------
RETAIL-RESTAURANTS -- 0.4%
O'Charleys* 200 3
Starbucks* 180 10
Wendy's International 559 22
----------
35
- --------------------------------------------------------------------------------
24
<page>
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
RETAIL-VIDEO RENTAL -- 0.1%
Blockbuster 1,270 $ 12
----------
12
- --------------------------------------------------------------------------------
TELEVISION -- 0.1%
Sinclair Broadcast Group 1,235 10
Univision Communications* 190 5
----------
15
- --------------------------------------------------------------------------------
THEATERS -- 0.0%
Carmike Cinemas 100 4
----------
4
- --------------------------------------------------------------------------------
TOYS -- 0.1%
Mattel* 1,047 20
----------
20
----------
TOTAL CONSUMER CYCLICAL (COST $1,052) 1,120
----------
- --------------------------------------------------------------------------------
CONSUMER NON-CYCLICAL -- 2.0%
AGRICULTURAL OPERATIONS -- 0.2%
Delta & Pine Land 360 11
Monsanto 170 9
Tejon Ranch* 190 8
----------
28
- --------------------------------------------------------------------------------
BEVERAGES-NON-ALCOHOLIC -- 0.1%
PepsiCo 253 14
----------
14
- --------------------------------------------------------------------------------
CONSUMER PRODUCTS-MISCELLANEOUS -- 0.0%
Fossil, Cl A* 300 8
----------
8
- --------------------------------------------------------------------------------
COSMETICS & TOILETRIES -- 0.5%
Avon Products 260 11
Estee Lauder 160 7
Gillette 73 4
Procter & Gamble 1,176 63
----------
85
- --------------------------------------------------------------------------------
FOOD-DAIRY PRODUCTS -- 0.2%
Dean Foods* 999 35
----------
35
- --------------------------------------------------------------------------------
FOOD-FLOUR & GRAIN -- 0.2%
Archer-Daniels-Midland 1,466 35
----------
35
- --------------------------------------------------------------------------------
FOOD-MEAT PRODUCTS -- 0.2%
Smithfield Foods* 950 29
----------
29
- --------------------------------------------------------------------------------
FOOD-MISCELLANEOUS/DIVERSIFIED -- 0.1%
ConAgra Foods 594 17
HJ Heinz 209 8
----------
25
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
FOOD-WHOLESALE/DISTRIBUTION -- 0.0%
Sysco 110 $ 4
----------
4
- --------------------------------------------------------------------------------
POULTRY -- 0.1%
Pilgrim's Pride 550 19
Sanderson Farms 200 9
----------
28
- --------------------------------------------------------------------------------
TOBACCO -- 0.4%
Altria Group 634 41
UST 618 31
----------
72
----------
TOTAL CONSUMER NON-CYCLICAL (COST $338) 363
----------
- --------------------------------------------------------------------------------
ENERGY -- 3.5%
OIL & GAS DRILLING -- 0.4%
Atwood Oceanics* 100 6
ENSCO International 430 15
GlobalSantaFe 370 13
Nabors Industries* 130 6
Patterson-UTI Energy 430 8
Pride International* 200 5
Rowan* 175 5
Todco* 190 4
Transocean* 340 15
----------
77
- --------------------------------------------------------------------------------
OIL COMPANIES-EXPLORATION & PRODUCTION-- 0.9%
Berry Petroleum 150 8
Cimarex Energy* 600 22
Houston Exploration* 100 5
Magnum Hunter Resources* 400 6
Meridian Resource* 955 5
Murphy Oil 300 27
Newfield Exploration* 300 18
Noble Energy 20 1
Penn Virginia 100 4
Pogo Producing 350 15
Range Resources 300 7
Stone Energy* 155 7
Unit* 100 4
Vintage Petroleum 370 9
XTO Energy 654 23
----------
161
- --------------------------------------------------------------------------------
OIL COMPANIES-INTEGRATED -- 1.0%
BP* 601 36
ChevronTexaco 440 24
ConocoPhillips 932 87
Occidental Petroleum 707 41
----------
188
- --------------------------------------------------------------------------------
OIL FIELD MACHINERY & EQUIPMENT -- 0.2%
Lone Star Technologies* 255 10
Maverick Tube* 100 3
National-Oilwell* 230 9
Smith International* 150 9
----------
31
- --------------------------------------------------------------------------------
25
<page>
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
OIL REFINING & MARKETING -- 0.4%
Frontier Oil 300 $ 9
Giant Industries* 150 4
Tesoro* 200 6
Valero Energy 1,115 58
----------
77
- --------------------------------------------------------------------------------
OIL-FIELD SERVICES -- 0.3%
BJ Services 180 9
Cal Dive International* 210 9
Core Laboratories* 340 7
Schlumberger 140 10
Tidewater 130 5
W-H Energy Services* 370 8
Weatherford International* 50 3
----------
51
- --------------------------------------------------------------------------------
PIPELINES -- 0.3%
El Paso* 570 6
National Fuel Gas 700 20
Questar 700 36
Williams 190 3
----------
65
----------
TOTAL ENERGY (COST $610) 650
----------
- --------------------------------------------------------------------------------
FINANCIAL -- 9.1%
COMMERCIAL BANKS-CENTRAL US -- 0.1%
TCF Financial 140 4
Texas Regional Bancshares 100 3
Wintrust Financial 100 6
----------
13
- --------------------------------------------------------------------------------
COMMERCIAL BANKS-EASTERN US -- 0.1%
Commerce Bancorp 220 13
Signature Bank* 300 9
----------
22
- --------------------------------------------------------------------------------
COMMERCIAL BANKS-SOUTHERN US -- 0.3%
Colonial BancGroup 1,000 20
GB&T Bancshares 345 8
Oriental Financial Group 230 7
Popular 550 15
----------
50
- --------------------------------------------------------------------------------
COMMERCIAL BANKS-WESTERN US -- 0.2%
Community Bancorp* 155 4
CVB Financial 250 5
Hanmi Financial 150 5
UCBH Holdings 340 15
----------
29
- --------------------------------------------------------------------------------
FIDUCIARY BANKS -- 0.0%
Investors Financial Services 40 2
State Street 50 2
----------
4
- --------------------------------------------------------------------------------
FINANCE-CONSUMER LOANS -- 0.5%
Asta Funding 100 3
Collegiate Funding Services LLC* 1,775 27
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
FINANCE-CONSUMER LOANS -- CONTINUED
Portfolio Recovery Associates* 370 $ 15
SLM 832 42
World Acceptance* 150 4
----------
91
- --------------------------------------------------------------------------------
FINANCE-CREDIT CARD -- 0.3%
Capital One Financial 160 12
MBNA 887 24
Metris* 750 9
Providian Financial* 250 4
----------
49
- --------------------------------------------------------------------------------
FINANCE-INVESTMENT BANKER/BROKER -- 0.9%
Citigroup 1,486 73
Friedman Billings Ramsey Group 340 7
Goldman Sachs Group 260 28
JPMorgan Chase 325 12
Lehman Brothers Holdings 510 46
----------
166
- --------------------------------------------------------------------------------
FINANCE-MORTGAGE LOAN/BANKER -- 0.2%
Countrywide Credit Industry 1,020 38
----------
38
- --------------------------------------------------------------------------------
FINANCE-OTHER SERVICES -- 0.1%
Asset Acceptance Capital* 735 15
MarketAxess Holdings* 555 8
----------
23
- --------------------------------------------------------------------------------
FINANCIAL GUARANTEE INSURANCE -- 0.1%
MGIC Investment 338 22
----------
22
- --------------------------------------------------------------------------------
INSURANCE BROKERS -- 0.3%
Brown & Brown 600 26
Hilb Rogal & Hobbs 440 15
USI Holdings* 1,040 12
----------
53
- --------------------------------------------------------------------------------
INVESTMENT MANAGEMENT/ADVISORY SERVICES-- 0.1%
Affiliated Managers Group* 205 13
Federated Investors 200 6
Franklin Resources 50 3
GFI Group* 110 3
----------
25
- --------------------------------------------------------------------------------
LIFE/HEALTH INSURANCE -- 0.3%
Ceres Group* 400 2
Cigna 469 38
KMG America* 1,280 14
Lincoln National 50 2
----------
56
- --------------------------------------------------------------------------------
MULTI-LINE INSURANCE -- 0.4%
Allmerica Financial* 305 10
Allstate 737 37
American International Group 100 7
Assurant 80 3
Cincinnati Financial 120 5
Hartford Financial Services Group 345 23
----------
85
- --------------------------------------------------------------------------------
26
<page>
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
PROPERTY/CASUALTY INSURANCE -- 0.7%
Ace Limited* 540 $ 24
Bristol West Holdings* 480 9
EMC Insurance Group 555 11
Fidelity National Financial 100 4
FPIC Insurance Group* 150 5
Philadelphia Consolidated Holding* 100 7
PMA Capital* 500 5
Safeco 500 23
Selective Insurance Group 100 4
XL Capital, Cl A 408 31
----------
123
- --------------------------------------------------------------------------------
REAL ESTATE MANAGEMENT/SERVICES -- 0.2%
CB Richard Ellis Group* 900 32
Jones Lang LaSalle* 150 5
Trammell Crow* 420 7
----------
44
- --------------------------------------------------------------------------------
REAL ESTATE OPERATION/DEVELOPMENT -- 0.1%
Brookfield Properties 264 10
St Joe 80 5
----------
15
- --------------------------------------------------------------------------------
REINSURANCE -- 0.2%
Aspen Insurance Holdings* 100 3
Axis Capital Holdings 275 7
Odyssey Re Holdings 325 8
PartnerRe 80 5
PXRE Group 765 20
----------
43
- --------------------------------------------------------------------------------
REITS -- 0.1%
Ashford Hospitality Trust 555 6
Eastgroup Properties 83 3
Equity Lifestyle Properties 97 3
Equity One 152 3
HRPT Properties Trust 417 5
Prentiss Properties Trust 92 3
----------
23
- --------------------------------------------------------------------------------
REITS-APARTMENTS -- 0.3%
AvalonBay Communities 122 8
BRE Properties 213 8
Equity Residential 494 16
GMH Communities Trust* 269 3
Home Properties of New York 174 7
United Dominion Realty Trust 397 9
----------
51
- --------------------------------------------------------------------------------
REITS-DIVERSIFIED -- 0.0%
Correctional Properties Trust 100 3
Washington Real Estate Investment Trust 38 1
----------
4
- --------------------------------------------------------------------------------
REITS-HOTELS -- 0.3%
Host Marriott* 1,008 16
LaSalle Hotel Properties 375 11
Meristar Hospitality* 3,830 30
Strategic Hotel Capital* 165 3
----------
60
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
REITS-MORTGAGE -- 0.1%
HomeBanc* 1,875 $ 18
----------
18
- --------------------------------------------------------------------------------
REITS-OFFICE PROPERTY -- 0.7%
Alexandria Real Estate Equities 94 6
American Financial Realty Trust 335 5
Arden Realty 142 5
BioMed Realty Trust* 182 4
Boston Properties 657 38
Capital Automotive 224 7
Colonial Properties Trust 102 4
Corporate Office Properties Trust 100 2
Duke Realty 260 8
Lexington Corporate Properties Trust 266 6
Liberty Property Trust 149 6
Mack-Cali Realty 142 6
Parkway Properties 150 7
PS Business Parks 167 7
Vornado Realty Trust 292 20
----------
131
- --------------------------------------------------------------------------------
REITS-REGIONAL MALLS -- 0.3%
CBL & Associates Properties 399 28
Simon Property Group 527 31
----------
59
- --------------------------------------------------------------------------------
REITS-SHOPPING CENTERS -- 0.2%
Developers Diversified Realty 245 10
Pan Pacific Retail Properties 207 12
Regency Centers 268 13
Tanger Factory Outlet Centers 183 4
Weingarten Realty Investors 134 5
----------
44
- --------------------------------------------------------------------------------
REITS-STORAGE -- 0.1%
Public Storage 268 14
U-Store-It Trust* 197 3
----------
17
- --------------------------------------------------------------------------------
REITS-WAREHOUSE/INDUSTRIAL -- 0.2%
Catellus Development 750 20
Prologis 255 10
----------
30
- --------------------------------------------------------------------------------
S&L/THRIFTS-CENTRAL US -- 0.1%
Franklin Bank* 760 13
----------
13
- --------------------------------------------------------------------------------
S&L/THRIFTS-EASTERN US -- 0.1%
Dime Community Bancshares 200 3
NewAlliance Bancshares* 765 11
WSFS Financial 50 3
----------
17
- --------------------------------------------------------------------------------
S&L/THRIFTS-SOUTHERN US -- 0.1%
BankAtlantic Bancorp 445 9
Ocwen Financial* 400 3
----------
12
- --------------------------------------------------------------------------------
27
<page>
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
S&L/THRIFTS-WESTERN US -- 0.3%
Washington Federal 900 $ 24
Washington Mutual 972 39
----------
63
- --------------------------------------------------------------------------------
SUPER-REGIONAL BANKS-US -- 1.1%
Bank of America 2,247 104
PNC Financial Services Group 319 17
Wachovia 795 44
Wells Fargo 561 34
----------
199
----------
TOTAL FINANCIAL (COST $1,627) 1,692
----------
- --------------------------------------------------------------------------------
HEALTH CARE -- 5.8%
DENTAL SUPPLIES & EQUIPMENT -- 0.2%
Dentsply International 500 28
----------
28
- --------------------------------------------------------------------------------
DIAGNOSTIC EQUIPMENT -- 0.1%
Cytyc* 630 16
Gen-Probe* 210 10
----------
26
- --------------------------------------------------------------------------------
DIALYSIS CENTERS -- 0.0%
DaVita* 50 2
----------
2
- --------------------------------------------------------------------------------
DISPOSABLE MEDICAL PRODUCTS -- 0.0%
ICU Medical* 225 6
----------
6
- --------------------------------------------------------------------------------
HOSPITAL BEDS/EQUIPMENT -- 0.1%
Hillenbrand Industries 50 3
Kinetic Concepts* 220 14
----------
17
- --------------------------------------------------------------------------------
MEDICAL INSTRUMENTS -- 0.4%
Boston Scientific* 380 12
Guidant 450 33
St. Jude Medical* 800 31
----------
76
- --------------------------------------------------------------------------------
MEDICAL LABS & TESTING SERVICES -- 0.2%
Covance* 500 21
Quest Diagnostics 170 16
----------
37
- --------------------------------------------------------------------------------
MEDICAL PRODUCTS -- 1.2%
Baxter International 850 29
Becton Dickinson 80 5
Cooper 250 19
Henry Schein* 50 3
Inamed* 260 18
Johnson & Johnson 1,528 99
Stryker 160 8
Varian Medical Systems* 240 9
Zimmer Holdings* 420 33
----------
223
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
MEDICAL-BIOMEDICAL/GENETIC -- 0.5%
Amgen* 170 $ 10
Applera Corp - Celera Genomics Group* 565 7
Bio-Rad Laboratories* 50 3
Biogen Idec* 240 16
Genentech* 540 26
Genzyme* 110 6
Georgia Gulf 100 5
Millipore* 106 5
Protein Design Labs* 880 18
----------
96
- --------------------------------------------------------------------------------
MEDICAL-DRUGS -- 0.6%
Abbott Laboratories 130 6
Bristol-Myers Squibb 830 19
Forest Laboratories* 310 13
Pfizer 1,914 46
Priority Healthcare* 515 12
Schering-Plough 1,163 22
----------
118
- --------------------------------------------------------------------------------
MEDICAL-GENERIC DRUGS -- 0.7%
Barr Pharmaceuticals* 110 5
Eon Labs* 480 13
Par Pharmaceutical* 445 17
Perrigo 890 15
Teva Pharmaceutical Industries* 2,860 82
Watson Pharmaceuticals* 130 4
----------
136
- --------------------------------------------------------------------------------
MEDICAL-HMO -- 0.9%
Aetna 297 38
Pacificare Health Systems* 400 25
Sierra Health Services* 100 5
UnitedHealth Group 423 38
WellPoint* 463 56
----------
162
- --------------------------------------------------------------------------------
MEDICAL-HOSPITALS -- 0.0%
Tenet Healthcare* 470 5
----------
5
- --------------------------------------------------------------------------------
MEDICAL-NURSING HOMES -- 0.1%
Genesis HealthCare* 300 10
----------
10
- --------------------------------------------------------------------------------
MEDICAL-OUTPATIENT/HOME MEDICAL -- 0.1%
Amedisys* 200 6
Lincare Holdings* 120 5
----------
11
- --------------------------------------------------------------------------------
MEDICAL-WHOLESALE DRUG DISTRIBUTORS-- 0.2%
AmerisourceBergen 502 29
Cardinal Health 249 14
----------
43
- --------------------------------------------------------------------------------
OPTICAL SUPPLIES -- 0.1%
Alcon 270 21
----------
21
- --------------------------------------------------------------------------------
28
<page>
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
PHARMACY SERVICES -- 0.2%
Accredo Health* 360 $ 11
Caremark Rx* 620 24
----------
35
- --------------------------------------------------------------------------------
RESPIRATORY PRODUCTS -- 0.1%
Respironics* 150 9
----------
9
- --------------------------------------------------------------------------------
THERAPEUTICS -- 0.1%
Gilead Sciences* 510 17
----------
17
- --------------------------------------------------------------------------------
VETERINARY DIAGNOSTICS -- 0.0%
VCA Antech* 200 4
----------
4
----------
TOTAL HEALTH CARE (COST $1,035) 1,082
----------
- --------------------------------------------------------------------------------
INDUSTRIAL -- 3.5%
AEROSPACE/DEFENSE -- 0.4%
Boeing 262 13
Curtiss-Wright 100 5
Herley Industries* 100 2
Lockheed Martin 120 7
Rockwell Collins 520 22
Teledyne Technologies* 515 16
----------
65
- --------------------------------------------------------------------------------
AEROSPACE/DEFENSE-EQUIPMENT -- 0.2%
Alliant Techsystems* 400 27
Moog* 190 8
----------
35
- --------------------------------------------------------------------------------
AIRLINES -- 0.1%
Southwest Airlines 1,060 15
----------
15
- --------------------------------------------------------------------------------
BATTERIES/BATTERY SYSTEMS -- 0.0%
Wilson Greatbatch Technologies* 160 3
----------
3
- --------------------------------------------------------------------------------
BUILDING & CONSTRUCTION PRODUCTS-MISCELLANEOUS-- 0.1%
Dycom Industries* 525 14
----------
14
- --------------------------------------------------------------------------------
BUILDING PRODUCTS-CEMENT/AGGREGATE-- 0.2%
Lafarge North America 400 22
Texas Industries 100 6
----------
28
- --------------------------------------------------------------------------------
BUILDING-HEAVY CONSTRUCTION -- 0.0%
Chicago Bridge & Iron 200 8
----------
8
- --------------------------------------------------------------------------------
CONTAINERS-PAPER/PLASTIC -- 0.1%
Sealed Air* 400 21
----------
21
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
DIVERSIFIED MANUFACTURING OPERATIONS-- 0.6%
Actuant* 100 $ 5
Brink's 665 24
Danaher 150 8
ESCO Technologies* 100 7
General Electric 550 20
Honeywell International 362 13
Tyco International 1,013 37
----------
114
- --------------------------------------------------------------------------------
ELECTRIC PRODUCTS-MISCELLANEOUS -- 0.2%
Emerson Electric 407 27
----------
27
- --------------------------------------------------------------------------------
ELECTRONIC MEASURING INSTRUMENTS -- 0.3%
Flir Systems* 410 25
Garmin 280 15
Tektronix 550 16
----------
56
- --------------------------------------------------------------------------------
ELECTRONICS-MILITARY -- 0.1%
EDO 205 6
Engineered Support Systems 100 6
----------
12
- --------------------------------------------------------------------------------
ENGINEERING/R&D SERVICES -- 0.1%
Shaw Group* 890 15
----------
15
- --------------------------------------------------------------------------------
ENGINES-INTERNAL COMBUSTION -- 0.0%
Briggs & Stratton 150 6
----------
6
- --------------------------------------------------------------------------------
FILTRATION/SEPARATION PRODUCTS -- 0.0%
Clarcor 100 6
----------
6
- --------------------------------------------------------------------------------
GOLD MINING -- 0.0%
Royal Gold 200 3
----------
3
- --------------------------------------------------------------------------------
HAZARDOUS WASTE DISPOSAL -- 0.1%
Stericycle* 300 15
----------
15
- --------------------------------------------------------------------------------
INDUSTRIAL AUTOMATION/ROBOT -- 0.1%
Rockwell Automation 370 21
----------
21
- --------------------------------------------------------------------------------
INSTRUMENTS-CONTROLS -- 0.1%
Thermo Electron* 570 17
----------
17
- --------------------------------------------------------------------------------
INSTRUMENTS-SCIENTIFIC -- 0.0%
Applera - Applied Biosystems Group 260 5
----------
5
- --------------------------------------------------------------------------------
29
<page>
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
MACHINERY-CONSTRUCTION & MINING -- 0.3%
Caterpillar 299 $ 27
Joy Global 300 8
Terex* 500 22
----------
57
- --------------------------------------------------------------------------------
METAL PROCESSORS & FABRICATORS -- 0.1%
Precision Castparts 320 23
----------
23
- --------------------------------------------------------------------------------
NON-HAZARDOUS WASTE DISPOSAL -- 0.1%
WCA Waste* 1,590 15
----------
15
- --------------------------------------------------------------------------------
POWER CONVERSION/SUPPLY EQUIPMENT -- 0.2%
American Power Conversion 1,384 29
----------
29
- --------------------------------------------------------------------------------
TOOLS-HAND HELD -- 0.1%
Stanley Works 504 24
----------
24
- --------------------------------------------------------------------------------
WIRE & CABLE PRODUCTS -- 0.0%
General Cable* 565 7
----------
7
----------
TOTAL INDUSTRIAL (COST $602) 641
----------
- --------------------------------------------------------------------------------
SERVICES -- 2.2%
ADVERTISING AGENCIES -- 0.1%
Interpublic Group* 625 8
----------
8
- --------------------------------------------------------------------------------
ADVERTISING SERVICES -- 0.1%
Getty Images* 250 18
----------
18
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES -- 0.1%
Intersections* 395 6
Quanta Services* 450 3
----------
9
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES-FINANCE -- 0.3%
H&R Block 936 45
Paychex 210 7
----------
52
- --------------------------------------------------------------------------------
COMPUTER SERVICES -- 0.4%
Affiliated Computer Services* 270 15
Anteon International* 270 9
Cognizant Technology Solutions* 860 32
DST Systems* 80 4
Manhattan Associates* 910 20
----------
80
- --------------------------------------------------------------------------------
CONSULTING SERVICES -- 0.2%
Accenture, Cl A* 390 10
PDI* 155 3
UnitedGlobalCom* 1,550 15
----------
28
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
E-COMMERCE/SERVICES -- 0.2%
eBay* 270 $ 22
Monster Worldwide* 440 14
Napster* 385 3
----------
39
- --------------------------------------------------------------------------------
HUMAN RESOURCES -- 0.1%
Manpower 360 18
Medical Staffing Network Holdings* 865 6
----------
24
- --------------------------------------------------------------------------------
PRINTING-COMMERCIAL -- 0.0%
RR Donnelley & Sons 34 1
----------
1
- --------------------------------------------------------------------------------
PRIVATE CORRECTIONS -- 0.0%
Corrections Corp of America* 100 4
----------
4
- --------------------------------------------------------------------------------
RENTAL AUTO/EQUIPMENT -- 0.1%
Aaron Rents 200 4
Rent-A-Center* 600 15
----------
19
- --------------------------------------------------------------------------------
RESEARCH & DEVELOPMENT -- 0.2%
Parexel International* 770 19
Pharmaceutical Product Development* 150 6
PRA International* 500 12
----------
37
- --------------------------------------------------------------------------------
SCHOOLS -- 0.3%
Apollo Group* 480 37
Education Management* 310 10
Strayer Education 80 9
----------
56
- --------------------------------------------------------------------------------
SECURITY SERVICES -- 0.0%
Integrated Alarm Services Group* 1,170 6
----------
6
- --------------------------------------------------------------------------------
TELEPHONE-INTEGRATED -- 0.1%
Sprint-FON Group* 145 3
Verizon Communications 418 15
----------
18
----------
TOTAL SERVICES (COST $390) 399
----------
- --------------------------------------------------------------------------------
TECHNOLOGY -- 6.8%
APPLICATIONS SOFTWARE -- 0.6%
Citrix Systems* 210 4
Infosys Technologies 280 18
Intuit* 220 9
Microsoft 1,705 45
Pinnacle Systems* 780 3
Quest Software* 250 4
Satyam Computer Services* 360 9
Siebel Systems* 525 5
Wipro ADR 520 11
----------
108
- --------------------------------------------------------------------------------
30
<page>
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
B2B/E-COMMERCE -- 0.0%
webMethods* 1,120 $ 6
----------
6
- --------------------------------------------------------------------------------
CELLULAR TELECOMMUNICATIONS -- 0.5%
Nextel Communications* 1,277 37
Nextel Partners* 1,320 26
NII Holdings* 420 23
----------
86
- --------------------------------------------------------------------------------
COMPUTER AIDED DESIGN -- 0.2%
Ansys* 200 7
Autodesk 580 17
Parametric Technology* 1,415 8
----------
32
- --------------------------------------------------------------------------------
COMPUTERS -- 0.6%
Apple Computer* 60 5
Dell* 660 27
Hewlett-Packard 850 17
International Business Machines 699 65
----------
114
- --------------------------------------------------------------------------------
COMPUTERS-INTEGRATED SYSTEMS -- 0.0%
MTS Systems 250 9
----------
9
- --------------------------------------------------------------------------------
COMPUTERS-MEMORY DEVICES -- 0.3%
EMC* 930 12
Network Appliance* 730 24
Quantum-DLT & Storage* 1,725 5
Western Digital* 665 7
----------
48
- --------------------------------------------------------------------------------
DATA PROCESSING/MANAGEMENT -- 0.2%
ChoicePoint* 50 2
Dun & Bradstreet* 50 3
MoneyGram International* 150 3
NAVTEQ* 220 8
SEI Investments 100 4
Veritas Software* 610 16
----------
36
- --------------------------------------------------------------------------------
DECISION SUPPORT SOFTWARE -- 0.1%
Cognos* 190 8
NetIQ* 615 7
----------
15
- --------------------------------------------------------------------------------
ELECTRONIC COMPONENTS-MISCELLANEOUS-- 0.3%
Celestica* 55 1
CTS 420 6
Flextronics International* 950 13
Jabil Circuit* 810 19
NAM TAI Electronics 200 4
Sanmina-SCI* 895 5
Sypris Solutions 150 2
----------
50
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
ELECTRONIC COMPONENTS-SEMICONDUCTORS-- 0.9%
Broadcom* 720 $ 23
DSP Group* 130 3
Integrated Silicon Solutions* 1,130 7
Intel 670 15
Intersil 105 2
MEMC Electronic Materials* 1,250 15
Nvidia* 1,155 26
QLogic* 880 34
Texas Instruments 1,019 24
Xilinx 380 11
Zoran* 480 5
----------
165
- --------------------------------------------------------------------------------
ELECTRONIC FORMS -- 0.1%
Adobe Systems 270 15
----------
15
- --------------------------------------------------------------------------------
ENTERPRISE SOFTWARE/SERVICES -- 0.3%
Ascential Software* 310 4
Informatica* 1,150 9
MicroStrategy* 40 3
Oracle* 1,292 18
Retek* 975 6
SAP* 360 14
----------
54
- --------------------------------------------------------------------------------
IDENTIFICATION SYSTEMS/DEVELOPMENT-- 0.0%
Fargo Electronics* 300 4
----------
4
- --------------------------------------------------------------------------------
INTERNET APPLICATION SOFTWARE -- 0.0%
Vignette* 1,715 2
----------
2
- --------------------------------------------------------------------------------
INTERNET INFRASTRUCTURE EQUIPMENT -- 0.0%
Avocent* 175 6
----------
6
- --------------------------------------------------------------------------------
INTERNET INFRASTRUCTURE SOFTWARE -- 0.1%
TIBCO Software* 1,260 14
----------
14
- --------------------------------------------------------------------------------
INTERNET SECURITY -- 0.2%
Symantec* 1,270 30
VeriSign* 580 15
----------
45
- --------------------------------------------------------------------------------
NETWORKING PRODUCTS -- 0.4%
Cisco Systems* 3,059 55
Foundry Networks* 725 8
Juniper Networks* 390 10
Polycom* 545 9
----------
82
- --------------------------------------------------------------------------------
OFFICE AUTOMATION & EQUIPMENT -- 0.3%
Canon ADR* 700 37
Pitney Bowes 246 11
Xerox* 125 2
----------
50
- --------------------------------------------------------------------------------
31
<page>
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
SEMICONDUCTOR COMPONENTS-INTEGRATED CIRCUITS-- 0.3%
Emulex* 410 $ 7
Integrated Circuit Systems* 130 2
Integrated Device Technology* 985 12
Maxim Integrated Products 110 4
Taiwan Semiconductor Manufacturing* 2,600 23
----------
48
- --------------------------------------------------------------------------------
SEMICONDUCTOR EQUIPMENT -- 0.1%
Applied Materials* 380 6
Brooks Automation* 345 5
----------
11
- --------------------------------------------------------------------------------
SOFTWARE TOOLS -- 0.0%
Borland Software* 980 8
----------
8
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT -- 0.1%
Adtran 100 2
Comtech Telecommunications* 50 1
Comverse Technology* 850 19
Lucent Technologies* 1,830 6
----------
28
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS SERVICES -- 0.4%
Amdocs* 1,380 41
Telecom Corp of New Zealand 8,922 39
----------
80
- --------------------------------------------------------------------------------
WEB HOSTING/DESIGN -- 0.1%
Macromedia* 650 22
----------
22
- --------------------------------------------------------------------------------
WEB PORTALS/ISP -- 0.3%
Google* 50 10
Yahoo!* 1,190 42
----------
52
- --------------------------------------------------------------------------------
WIRELESS EQUIPMENT -- 0.4%
Motorola 2,428 38
Qualcomm 898 34
----------
72
----------
TOTAL TECHNOLOGY (COST $1,218) 1,262
----------
- --------------------------------------------------------------------------------
TRANSPORTATION -- 0.9%
AIRLINES -- 0.0%
Skywest 265 4
----------
4
- --------------------------------------------------------------------------------
TRANSPORT-AIR FREIGHT -- 0.0%
CNF 110 5
----------
5
- --------------------------------------------------------------------------------
TRANSPORT-MARINE -- 0.2%
CP Ships 390 5
General Maritime* 200 9
Kirby* 100 5
Overseas Shipholding Group 400 22
----------
41
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
TRANSPORT-SERVICES -- 0.3%
Expeditors International Washington 500 $ 28
Offshore Logistics* 200 6
United Parcel Service 126 10
----------
44
- --------------------------------------------------------------------------------
TRANSPORT-TRUCK -- 0.2%
Celadon Group* 100 2
JB Hunt Transport Services 650 29
US Xpress Enterprises* 100 3
----------
34
- --------------------------------------------------------------------------------
TRANSPORTATION-RAIL -- 0.2%
Burlington Northern Santa Fe 740 36
----------
36
----------
TOTAL TRANSPORTATION (COST $153) 164
----------
- --------------------------------------------------------------------------------
UTILITIES -- 1.0%
ELECTRIC-INTEGRATED -- 0.8%
Alliant Energy 80 2
Duke Energy 831 22
Edison International 37 1
Entergy 494 34
MGE Energy 290 11
OGE Energy 950 25
Public Service Enterprise Group 100 5
TXU 602 42
----------
142
- --------------------------------------------------------------------------------
ENERGY-ALTERNATE SOURCES -- 0.0%
Headwaters* 100 3
----------
3
- --------------------------------------------------------------------------------
GAS-DISTRIBUTION -- 0.1%
Energen 150 9
UGI 200 8
----------
17
- --------------------------------------------------------------------------------
POWER CONVERSION/SUPPLY EQUIPMENT -- 0.1%
American Electric Power 563 20
----------
20
----------
TOTAL UTILITIES (COST $164) 182
----------
TOTAL COMMON STOCK (COST $7,420) 7,803
----------
- --------------------------------------------------------------------------------
FOREIGN COMMON STOCK -- 12.4%
AUSTRALIA -- 1.0%
Australia & New Zealand Banking Group* 3,900 62
BlueScope Steel 6,200 45
Insurance Australia Group 11,900 60
Macarthur Coal* 900 3
QBE Insurance Group 1,600 19
----------
TOTAL AUSTRALIA 189
----------
- --------------------------------------------------------------------------------
AUSTRIA -- 0.1%
Andritz* 200 16
Telekom Austria 500 9
----------
TOTAL AUSTRIA 25
----------
- --------------------------------------------------------------------------------
32
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
BELGIUM -- 0.3%
Belgacom 200 $ 8
Dexia* 1,800 40
Euronav* 100 3
----------
TOTAL BELGIUM 51
----------
- --------------------------------------------------------------------------------
BERMUDA -- 0.1%
Renaissancere Holdings 500 25
----------
TOTAL BERMUDA 25
----------
- --------------------------------------------------------------------------------
BRAZIL -- 0.2%
Cia Brasileira de Distribuicao Grupo
Pao de Acucar ADR* 700 16
Tele Norte Leste Participacoes ADR* 1,000 14
----------
TOTAL BRAZIL 30
----------
- --------------------------------------------------------------------------------
CANADA -- 0.9%
Canadian Natural Resource 100 4
Dofasco* 100 3
Encana 481 29
Goldcorp 1,000 14
Metro* 100 2
Penn West Petroleum* 600 39
PetroKazakhstan, Cl A 850 32
Precision Drilling* 400 27
QLT* 600 10
Telesystem International Wireless* 600 9
----------
TOTAL CANADA 169
----------
- --------------------------------------------------------------------------------
CHINA -- 0.1%
China Telecom ADR 700 26
----------
TOTAL CHINA 26
----------
- --------------------------------------------------------------------------------
DENMARK -- 0.0%
DSV* 37 3
----------
TOTAL DENMARK 3
----------
- --------------------------------------------------------------------------------
FINLAND -- 0.0%
Rautaruukki* 800 8
----------
TOTAL FINLAND 8
----------
- --------------------------------------------------------------------------------
FRANCE -- 0.6%
BNP Paribas* 800 58
France Telecom* 600 19
Lafarge* 70 7
Societe Generale* 215 21
TOTAL* 31 7
----------
TOTAL FRANCE 112
----------
- --------------------------------------------------------------------------------
GERMANY -- 0.8%
Adidas-Salomon 46 7
Allianz* 161 19
Balda* 129 1
BASF* 211 14
Continental* 529 37
E.ON* 155 14
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
GERMANY -- CONTINUED
Muenchener Rueckversicherungs* 109 $ 13
Schering* 680 46
----------
TOTAL GERMANY 151
----------
- --------------------------------------------------------------------------------
HONG KONG -- 0.0%
Orient Overseas International 2,000 7
----------
TOTAL HONG KONG 7
----------
- --------------------------------------------------------------------------------
INDIA -- 0.2%
ICICI Bank ADR* 400 8
Reliance Industries GDR* 800 20
Tata Motors ADR* 1,400 16
----------
TOTAL INDIA 44
----------
- --------------------------------------------------------------------------------
INDONESIA -- 0.1%
Telekomunikasi Indonesia ADR 700 15
----------
TOTAL INDONESIA 15
----------
- --------------------------------------------------------------------------------
ITALY -- 0.2%
Banca Intesa* 5,400 25
Impregilo* 15,500 8
----------
TOTAL ITALY 33
----------
- --------------------------------------------------------------------------------
JAPAN -- 2.1%
Bosch Auto Systems* 34 --
JFE Holdings 300 8
Kawasaki Kisen Kaisha 8,700 59
Mitsubishi 1,700 20
Mitsui OSK Lines 9,500 59
Mitsui Trust Holdings 1,000 11
Nippon Steel 23,500 57
Nippon Yusen Kabushiki Kaisha 8,000 45
Point 300 10
Santen Pharmaceutical 500 11
Seiko Epson 1,000 42
Sumisho Auto Leasing* 200 9
Toshiba TEC* 2,000 9
Toyota Tsusho* 3,000 47
----------
TOTAL JAPAN 387
----------
- --------------------------------------------------------------------------------
MEXICO -- 0.2%
America Movil ADR* 200 11
Walmart de Mexico ADR 500 17
----------
TOTAL MEXICO 28
----------
- --------------------------------------------------------------------------------
MOROCCO -- 0.1%
Maroc Telecom* 2,400 24
----------
TOTAL MOROCCO 24
----------
- --------------------------------------------------------------------------------
NETHERLANDS -- 0.5%
CNH Global 750 14
DSM* 100 6
ING Groep* 2,200 63
TPG* 600 17
----------
TOTAL NETHERLANDS 100
----------
- --------------------------------------------------------------------------------
NEW ZEALAND -- 0.3%
Fletcher Building 10,700 50
----------
TOTAL NEW ZEALAND 50
----------
- --------------------------------------------------------------------------------
33
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
NORWAY -- 0.2%
Statoil* 2,800 $ 43
----------
TOTAL NORWAY 43
----------
- --------------------------------------------------------------------------------
PERU -- 0.1%
Cia de Minas Buenaventura* 600 13
----------
TOTAL PERU 13
----------
- --------------------------------------------------------------------------------
RUSSIA -- 0.1%
Mobile Telesystems* 700 25
----------
TOTAL RUSSIA 25
----------
- --------------------------------------------------------------------------------
SOUTH AFRICA -- 0.2%
ABSA Group ADR 600 15
AngloGold ADR 400 13
----------
TOTAL SOUTH AFRICA 28
----------
- --------------------------------------------------------------------------------
SOUTH KOREA -- 0.1%
POSCO ADR* 300 13
----------
TOTAL SOUTH KOREA 13
----------
- --------------------------------------------------------------------------------
SPAIN -- 0.4%
Banco Bilbao Vizcaya Argentaria 2,560 43
Telefonica* 1,200 22
----------
TOTAL SPAIN 65
----------
- --------------------------------------------------------------------------------
SWEDEN -- 0.3%
TeliaSonera 10,500 60
----------
TOTAL SWEDEN 60
----------
- --------------------------------------------------------------------------------
SWITZERLAND -- 0.7%
Credit Suisse Group* 1,650 66
Xstrata 900 16
Zurich Financial Services* 240 40
----------
TOTAL SWITZERLAND 122
----------
- --------------------------------------------------------------------------------
THAILAND -- 0.3%
Advanced Info Services ADR 6,000 17
Shin ADR 7,000 32
----------
TOTAL THAILAND 49
----------
- --------------------------------------------------------------------------------
UNITED KINGDOM -- 2.2%
Alliance Unichem 2,200 31
AstraZeneca* 700 26
Aviva 300 3
Corus Group* 15,800 16
HBOS* 3,600 57
HSBC Holdings* 2,400 40
Imperial Tobacco Group ADR 618 33
International Power* 7,500 24
Next 610 18
Royal Bank of Scotland Group* 1,825 61
SABMiller 3,000 46
Shell Transport & Trading* 1,500 13
Shire Pharmaceuticals Group* 400 5
Tesco 2,100 12
Ultra Electronics Holdings* 700 10
William Hill 900 10
----------
TOTAL UNITED KINGDOM 405
----------
TOTAL FOREIGN COMMON STOCK (COST $2,189) 2,300
----------
- --------------------------------------------------------------------------------
Shares/Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
FOREIGN PREFERRED STOCK -- 0.1%
GERMANY -- 0.1%
Porsche* 21 $ 14
----------
TOTAL GERMANY 14
----------
TOTAL FOREIGN PREFERRED STOCK (COST $14) 14
----------
- --------------------------------------------------------------------------------
INVESTMENT COMPANY -- 0.3%
SPDR Trust Series 1* 460 54
----------
TOTAL INVESTMENT COMPANY (COST $52) 54
----------
- --------------------------------------------------------------------------------
RESIDENTIAL MORTGAGES-AGENCIES -- 9.5%
Federal Home Loan Mortgage
Corporation 15 year
5.500%, 09/01/19 $100 103
Federal Home Loan Mortgage
Corporation 30 year
6.000%, 08/01/29 48 50
5.500%, 10/01/34 119 121
5.500%, 01/01/35 50 51
5.500%, 02/01/35 280 286
Federal National Mortgage
Association 15 year
5.000%, 10/01/19 150 152
Federal National Mortgage
Association 30 year
6.500%, 08/01/34 43 45
6.500%, 10/01/34 68 71
5.500%, 10/01/34 45 46
5.000%, 11/01/33 122 122
Federal National Mortgage
Association TBA
6.000%, 02/01/35 585 604
Government National Mortgage
Association 30 year
6.000%, 12/15/34 50 52
5.500%, 01/20/35 50 51
----------
TOTAL RESIDENTIAL MORTGAGES-AGENCIES (COST $1,754) 1,754
----------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES -- 0.8%
HOME EQUITY LOANS -- 0.8%
Citigroup Commercial Mortgage,
Ser 2004-C2, Cl A3
4.380%, 10/15/41 30 30
GE Capital Commercial Mortgage,
Ser 2004-C3, Cl A3
4.865%, 07/10/39 45 46
JP Morgan Chase Commercial Mortgage,
Ser 2004-CBX, Cl A4
4.529%, 11/12/39 45 45
Residential Asset Mortgage Program,
Ser 2004-RS12, Cl AI2
3.767%, 02/25/27 35 35
----------
156
----------
TOTAL ASSET-BACKED SECURITIES (COST $157) 156
----------
- --------------------------------------------------------------------------------
34
<page>
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
CORPORATE BONDS -- 10.0%
Advanta Capital Trust, Ser B
8.990%, 12/17/26 $ 20 $ 19
Allegheny Energy Supply 144A
8.250%, 04/15/12 22 24
ALROSA Finance 144A
8.875%, 11/17/14 20 21
American General Finance, Ser G MTN
5.375%, 09/01/09 15 16
Ames True Temper 144A (C)
6.640%, 01/15/12 20 19
Amgen 144A
4.000%, 11/18/09 15 15
Appalachian Power, Ser H
5.950%, 05/15/33 20 21
Assurant
5.625%, 02/15/14 15 16
AT&T Wireless Services
8.750%, 03/01/31 25 34
8.125%, 05/01/12 10 12
Bank One
5.900%, 11/15/11 35 38
Baxter International
5.250%, 05/01/07 35 36
BCP Caylux Holdings 144A
9.625%, 06/15/14 22 24
Bombardier 144A
6.300%, 05/01/14 15 13
Broder Brothers
11.250%, 10/15/10 17 18
Broder Brothers 144A
11.250%, 10/15/10 10 11
Capital One Bank
5.750%, 09/15/10 10 11
Carnival
3.750%, 11/15/07 35 35
Caterpillar Finance Services, Ser F MTN
3.700%, 08/15/08 45 45
City Telecom 144A
8.750%, 02/01/15 20 21
Comcast
7.625%, 02/15/08 15 16
5.500%, 03/15/11 15 16
ConAgra Foods
7.125%, 10/01/26 20 24
Consolidated Natural Gas
6.875%, 10/15/26 20 24
Countrywide Home Loan MTN
3.250%, 05/21/08 30 29
DaimlerChrysler
4.750%, 01/15/08 15 15
Dominion Resources
5.000%, 03/15/13 15 15
Douglas Dynamic 144A
7.750%, 01/15/12 23 23
Echostar 144A
6.625%, 10/01/14 22 22
Fidelity National Financial
7.300%, 08/15/11 25 27
Ford Motor Credit
6.500%, 01/25/07 10 10
- --------------------------------------------------------------------------------
Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
CORPORATE BONDS -- CONTINUED
FPL Group Capital
4.086%, 02/16/07 $ 10 $ 10
General Electric Capital, Ser A MTN
6.875%, 11/15/10 45 51
General Motors
8.375%, 07/15/33 10 10
General Motors Acceptance
6.125%, 08/28/07 10 10
Hewlett-Packard
5.750%, 12/15/06 30 31
Household Finance
6.375%, 11/27/12 25 28
Intelsat Bermuda 144A (C)
7.794%, 01/15/12 30 31
John Deere Capital, Ser D MTN
4.125%, 01/15/10 45 45
Kerr-McGee
5.875%, 09/15/06 30 31
Leslie's Poolmart 144A
7.750%, 02/01/13 15 15
Marathon Oil
5.375%, 06/01/07 25 26
Merrill Lynch, Ser C MTN
5.000%, 01/15/15 40 40
MGM Mirage
5.875%, 02/27/14 22 22
Midamerican Energy Holdings
5.875%, 10/01/12 15 16
3.500%, 05/15/08 25 24
Morgan Stanley
4.000%, 01/15/10 35 35
Motorola
4.608%, 11/16/07 55 56
Neenah Paper 144A
7.375%, 11/15/14 30 30
Norfolk Southern
7.050%, 05/01/37 35 43
Ocean Energy
4.375%, 10/01/07 30 30
Prudential Financial MTN
3.750%, 05/01/08 10 10
Prudential Financial, Ser B MTN
5.100%, 09/20/14 10 10
PSE&G Power
6.950%, 06/01/12 20 23
Qwest 144A
9.125%, 03/15/12 22 25
Reed Elsevier Capital
6.125%, 08/01/06 50 52
Rogers Cable 144A
6.750%, 03/15/15 30 31
Rogers Wireless 144A
8.000%, 12/15/12 30 32
Schering-Plough
6.500%, 12/01/33 25 29
SLM, Ser A MTN
3.950%, 08/15/08 20 20
Solo Cup
8.500%, 02/15/14 22 22
- --------------------------------------------------------------------------------
35
<page>
OLD MUTUAL ADVISOR FUNDS
OM ASSET ALLOCATION BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
CORPORATE BONDS -- CONTINUED
Southern Capital Funding, Ser A
5.300%, 02/01/07 $ 20 $ 21
Sprint Capital
6.000%, 01/15/07 25 26
STATS ChipPAC 144A
6.750%, 11/15/11 25 24
Time Warner
7.625%, 04/15/31 35 43
Universal City Florida Holdings 144A (C)
7.200%, 05/01/10 30 31
Univision Communications
3.875%, 10/15/08 25 25
Uno Restaurants 144A
10.000%, 02/15/11 25 25
Verizon Communications
6.360%, 04/15/06 25 26
Verizon Wireless Capital
5.375%, 12/15/06 30 31
Washington Mutual Financial
6.875%, 05/15/11 20 23
Wellpoint 144A
5.000%, 12/15/14 15 15
3.750%, 12/14/07 15 15
Weyerhaeuser
5.950%, 11/01/08 20 21
Wyeth
5.500%, 02/01/14 15 16
Xcel Energy
7.000%, 12/01/10 25 28
----------
TOTAL CORPORATE BONDS (COST $1,867) 1,878
----------
- --------------------------------------------------------------------------------
FOREIGN BOND -- 0.1%
United Mexican States, Ser A MTN
7.500%, 04/08/33 25 28
----------
TOTAL FOREIGN BOND (COST $26) 28
----------
- --------------------------------------------------------------------------------
U.S. GOVERNMENT BONDS -- 3.8%
Federal Home Loan Mortgage Corporation
5.875%, 03/21/11 30 32
Federal National Mortgage Association
5.125%, 01/02/14 35 36
2.330%, 02/09/05 (C) 39 39
2.250%, 02/10/05 (C) 600 600
----------
TOTAL U.S. GOVERNMENT BONDS (COST $707) 707
----------
- --------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS -- 7.6% U.S. Treasury Bills (B)
2.215%, 04/07/05 722 719
U.S. Treasury Bonds
7.500%, 11/15/16 20 26
5.375%, 02/15/31 100 112
3.375%, 09/15/09 135 133
U.S. Treasury Notes
5.750%, 08/15/10 110 121
4.625%, 05/15/06 160 163
4.250%, 08/15/14 145 146
----------
TOTAL U.S. TREASURY OBLIGATIONS (COST $1,412) 1,420
----------
- --------------------------------------------------------------------------------
Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 13.7%
Deutsche Bank 2.480%, dated
01/31/05, to be repurchased on
02/01/05, repurchase price
$2,542,883 (collateralized by
U.S. Government obligations,
ranging in par value $350,000-
$1,740,000, 2.520% (C) -5.875%,
03/09/05-05/03/19; total
market value $2,593,587)(A) $2,543 $ 2,543
----------
TOTAL REPURCHASE AGREEMENT (COST $2,543) 2,543
----------
TOTAL INVESTMENTS (100.6%) (COST $18,141) $ 18,657
----------
PERCENTAGES ARE BASED ON NET ASSETS OF $18,552,794.
* Non-income producing security.
(A)-- Tri-party repurchase agreement
(B) -- Zero coupon security. The rate reported on the Schedule of Investments is
the effective yield at time of purchase.
(C) -- Variable rate security. The rate reported is the rate as of January 31,
2005.
144A -- Security exempt from registration under Rule 144A of the Securities
Act of 1933. This security may be resold in transactions exempt from
registration normally to qualified institutions. On January 31, 2005, the
value of these securities amounted to approximately $467,000, representing
2.5% of net assets of the Fund.
ADR -- American Depositary Receipt
Cl -- Class
GDR -- Global Depositary Receipt
LLC -- Limited Liability Company
MTN -- Medium-Term Note
REITs -- Real Estate Investment Trusts
Ser -- Series
SPDR -- Standard & Poor's 500 Composite Index Depositary Receipt
TBA -- Security traded under delayed delivery commitments settling after January
31, 2005. Income on this security will not be earned until settlement date.
Amounts designated as "--" are either $0 or have been rounded to $0.
Cost figures are shown with "000's" omitted.
The accompanying notes are an integral part of the financial statements.
36
<page>
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 55.1%
BASIC MATERIALS -- 1.7%
AGRICULTURAL CHEMICALS -- 0.1%
Agrium 250 $ 4
Potash Corporation of Saskatchewan 60 5
----------
9
- --------------------------------------------------------------------------------
BUILDING & CONSTRUCTION PRODUCTS-MISCELLANEOUS-- 0.0%
USG* 100 3
----------
3
- --------------------------------------------------------------------------------
CHEMICALS-DIVERSIFIED -- 0.9%
Dow Chemical 879 44
Lyondell Chemical 448 13
Olin 2,040 45
----------
102
- --------------------------------------------------------------------------------
CHEMICALS-SPECIALTY -- 0.2%
Eastman Chemical 80 5
Great Lakes Chemical 535 14
----------
19
- --------------------------------------------------------------------------------
COAL -- 0.0%
Peabody Energy 60 5
----------
5
- --------------------------------------------------------------------------------
CONTAINERS-METAL/GLASS -- 0.0%
Crown Holdings* 200 3
----------
3
- --------------------------------------------------------------------------------
INDUSTRIAL GASES -- 0.1%
Air Products & Chemicals 80 5
Airgas 150 3
----------
8
- --------------------------------------------------------------------------------
METAL-COPPER -- 0.1%
Phelps Dodge 60 6
----------
6
- --------------------------------------------------------------------------------
PAPER & RELATED PRODUCTS -- 0.2%
International Paper 206 8
Neenah Paper* 465 15
Schweitzer-Mauduit International 50 1
Temple-Inland 30 2
----------
26
- --------------------------------------------------------------------------------
STEEL-PRODUCERS -- 0.1%
Nucor 100 6
Schnitzer Steel Industries 100 3
----------
9
----------
TOTAL BASIC MATERIALS (COST $ 181) 190
----------
- --------------------------------------------------------------------------------
CONSUMER CYCLICAL -- 8.5%
APPAREL MANUFACTURERS -- 0.3%
Carter's* 320 12
Coach* 290 16
Polo Ralph Lauren 50 2
----------
30
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
ATHLETIC FOOTWEAR -- 0.1%
Nike 130 $ 11
----------
11
- --------------------------------------------------------------------------------
AUDIO/VIDEO PRODUCTS -- 0.2%
Harman International Industries 180 22
----------
22
- --------------------------------------------------------------------------------
AUTO/TRUCK PARTS & EQUIPMENT-ORIGINAL-- 0.1%
BorgWarner 140 8
----------
8
- --------------------------------------------------------------------------------
BROADCAST SERVICES/PROGRAMMING -- 0.0%
Citadel Broadcasting* 350 5
----------
5
- --------------------------------------------------------------------------------
BUILDING-RESIDENTIAL/COMMERCIAL -- 0.4%
Centex 132 8
DR Horton 300 12
Lennar 80 4
Orleans Homebuilders* 475 9
Pulte Homes 175 12
----------
45
- --------------------------------------------------------------------------------
CABLE TV -- 0.5%
Comcast* 69 2
EchoStar Communications* 80 3
Insight Communications* 1,650 17
Mediacom Communications* 5,415 32
----------
54
- --------------------------------------------------------------------------------
CASINO SERVICES -- 0.4%
Harrah's Entertainment 100 6
International Game Technology 560 17
MGM Mirage* 180 13
Scientific Games* 300 8
----------
44
- --------------------------------------------------------------------------------
CRUISE LINES -- 0.4%
Carnival 702 40
Royal Caribbean Cruises 180 10
----------
50
- --------------------------------------------------------------------------------
DISTRIBUTION/WHOLESALE -- 0.0%
Nuco2* 50 1
----------
1
- --------------------------------------------------------------------------------
ENTERTAINMENT SOFTWARE -- 0.3%
Activision* 480 11
Electronic Arts* 270 18
THQ* 150 3
----------
32
- --------------------------------------------------------------------------------
HOTELS & MOTELS -- 0.5%
Fairmont Hotels & Resorts 30 1
Jameson Inns* 10,535 19
Lodgian* 735 9
Marriott International 100 6
Starwood Hotels & Resorts Worldwide 346 20
----------
55
- --------------------------------------------------------------------------------
37
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
LEISURE & RECREATIONAL PRODUCTS -- 0.0%
Brunswick 100 $ 5
----------
5
- --------------------------------------------------------------------------------
MOTORCYCLE/MOTOR SCOOTER -- 0.0%
Harley-Davidson 30 2
----------
2
- --------------------------------------------------------------------------------
MULTIMEDIA -- 0.7%
Entravision Communications* 3,370 27
EW Scripps 100 4
Time Warner* 440 8
Walt Disney 1,571 45
----------
84
- --------------------------------------------------------------------------------
PUBLISHING-BOOKS -- 0.3%
Scholastic* 1,030 35
----------
35
- --------------------------------------------------------------------------------
PUBLISHING-NEWSPAPERS -- 0.3%
Journal Register* 1,020 19
New York Times 130 5
Tribune 130 5
----------
29
- --------------------------------------------------------------------------------
PUBLISHING-PERIODICALS -- 0.2%
Reader's Digest Association 1,505 24
----------
24
- --------------------------------------------------------------------------------
RADIO -- 0.8%
Cumulus Media* 845 12
Emmis Communications* 1,455 25
Radio One* 1,140 18
Spanish Broadcasting System* 2,810 29
Westwood One* 165 4
----------
88
- --------------------------------------------------------------------------------
RETAIL-APPAREL/SHOE -- 0.2%
Charming Shoppes* 500 4
Childrens Place* 200 8
JOS A Bank Clothiers* 100 3
Too* 270 7
----------
22
- --------------------------------------------------------------------------------
RETAIL-ARTS & CRAFTS -- 0.1%
Michaels Stores 250 8
----------
8
- --------------------------------------------------------------------------------
RETAIL-AUTO PARTS -- 0.3%
Autozone* 413 37
----------
37
- --------------------------------------------------------------------------------
RETAIL-BEDDING -- 0.1%
Bed Bath & Beyond* 280 11
----------
11
- --------------------------------------------------------------------------------
RETAIL-BUILDING PRODUCTS -- 0.2%
Lowe's 340 19
----------
19
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
RETAIL-CONSUMER ELECTRONICS -- 0.1%
Best Buy 110 $ 6
----------
6
- --------------------------------------------------------------------------------
RETAIL-CONVENIENCE STORE -- 0.0%
7-Eleven* 200 5
----------
5
- --------------------------------------------------------------------------------
RETAIL-DISCOUNT -- 0.5%
Costco Wholesale 130 6
Dollar General 459 9
Family Dollar Stores 210 7
Target 240 12
Wal-Mart Stores 388 21
----------
55
- --------------------------------------------------------------------------------
RETAIL-DRUG STORE -- 0.2%
CVS 190 9
Walgreen 290 12
----------
21
- --------------------------------------------------------------------------------
RETAIL-JEWELRY -- 0.0%
Tiffany 140 4
----------
4
- --------------------------------------------------------------------------------
RETAIL-MAJOR DEPARTMENT STORE -- 0.1%
JC Penney 392 17
----------
17
- --------------------------------------------------------------------------------
RETAIL-OFFICE SUPPLIES -- 0.2%
OfficeMax 270 8
Staples 510 17
----------
25
- --------------------------------------------------------------------------------
RETAIL-PAWN SHOPS -- 0.1%
Cash America International 100 3
Ezcorp* 150 3
----------
6
- --------------------------------------------------------------------------------
RETAIL-PET FOOD & SUPPLIES -- 0.1%
Petco Animal Supplies* 190 7
----------
7
- --------------------------------------------------------------------------------
RETAIL-PETROLEUM PRODUCTS -- 0.0%
World Fuel Services 100 5
----------
5
- --------------------------------------------------------------------------------
RETAIL-REGIONAL DEPARTMENT STORE -- 0.1%
Kohl's* 50 2
Neiman-Marcus Group 100 7
----------
9
- --------------------------------------------------------------------------------
RETAIL-RESTAURANTS -- 0.3%
O'Charleys* 100 2
Starbucks* 200 11
Wendy's International 424 16
----------
29
- --------------------------------------------------------------------------------
38
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
ETAIL-VIDEO RENTAL -- 0.1%
Blockbuster 1,640 $ 15
----------
15
- --------------------------------------------------------------------------------
TELEVISION -- 0.2%
Sinclair Broadcast Group 1,630 13
Univision Communications* 150 4
----------
17
- --------------------------------------------------------------------------------
THEATERS -- 0.0%
Carmike Cinemas 100 4
----------
4
- --------------------------------------------------------------------------------
TOYS -- 0.1%
Mattel* 795 15
----------
15
----------
TOTAL CONSUMER CYCLICAL (COST $ 919) 961
----------
- --------------------------------------------------------------------------------
CONSUMER NON-CYCLICAL -- 2.3%
AGRICULTURAL OPERATIONS -- 0.3%
Delta & Pine Land 455 13
Monsanto 50 3
Tejon Ranch* 290 13
----------
29
- --------------------------------------------------------------------------------
BEVERAGES-NON-ALCOHOLIC -- 0.1%
PepsiCo 214 11
----------
11
- --------------------------------------------------------------------------------
CONSUMER PRODUCTS-MISCELLANEOUS -- 0.0%
Fossil, Cl A* 150 4
----------
4
- --------------------------------------------------------------------------------
COSMETICS & TOILETRIES -- 0.7%
Avon Products 280 12
Colgate-Palmolive 101 5
Estee Lauder 170 8
Gillette 208 10
Procter & Gamble 860 46
----------
81
- --------------------------------------------------------------------------------
FOOD-DAIRY PRODUCTS -- 0.1%
Dean Foods* 427 15
----------
15
- --------------------------------------------------------------------------------
FOOD-FLOUR & GRAIN -- 0.2%
Archer-Daniels-Midland 852 21
----------
21
- --------------------------------------------------------------------------------
FOOD-MEAT PRODUCTS -- 0.1%
Smithfield Foods* 250 7
----------
7
- --------------------------------------------------------------------------------
FOOD-MISCELLANEOUS/DIVERSIFIED -- 0.2%
ConAgra Foods 451 13
HJ Heinz 159 6
----------
19
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
FOOD-WHOLESALE/DISTRIBUTION -- 0.0%
Sysco 140 $ 5
----------
5
- --------------------------------------------------------------------------------
POULTRY -- 0.1%
Pilgrim's Pride 150 5
Sanderson Farms 100 5
----------
10
- --------------------------------------------------------------------------------
TOBACCO -- 0.5%
Altria Group 519 33
UST 469 24
----------
57
----------
TOTAL CONSUMER NON-CYCLICAL (COST $ 245) 259
----------
- --------------------------------------------------------------------------------
ENERGY -- 3.9%
OIL & GAS DRILLING -- 0.4%
Atwood Oceanics* 100 6
ENSCO International 180 6
GlobalSantaFe 210 7
Nabors Industries* 30 2
Patterson-UTI Energy 180 4
Pride International* 215 5
Rowan* 190 5
Todco* 210 4
Transocean* 175 8
----------
47
- --------------------------------------------------------------------------------
OIL COMPANIES-EXPLORATION & PRODUCTION-- 0.8%
Berry Petroleum 100 5
Cimarex Energy* 150 5
Houston Exploration* 50 3
Magnum Hunter Resources* 300 4
Meridian Resource* 1,465 8
Murphy Oil 100 9
Newfield Exploration* 100 6
Noble Energy 10 1
Penn Virginia 100 4
Pogo Producing 130 5
Range Resources 310 7
Stone Energy* 180 8
Unit* 100 4
Vintage Petroleum 455 11
XTO Energy 383 14
----------
94
- --------------------------------------------------------------------------------
OIL COMPANIES-INTEGRATED -- 1.4%
BP* 456 27
ChevronTexaco 334 18
ConocoPhillips 856 80
Occidental Petroleum 567 33
----------
158
- --------------------------------------------------------------------------------
OIL FIELD MACHINERY & EQUIPMENT -- 0.2%
Lone Star Technologies* 320 13
Maverick Tube* 100 4
National-Oilwell* 100 4
Smith International* 40 2
----------
23
- --------------------------------------------------------------------------------
39
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
IL REFINING & MARKETING -- 0.4%
Frontier Oil 330 $ 9
Giant Industries* 100 3
Tesoro* 150 5
Valero Energy 510 27
----------
44
- --------------------------------------------------------------------------------
OIL-FIELD SERVICES -- 0.5%
BJ Services 50 2
Cal Dive International* 270 12
Core Laboratories* 440 9
Schlumberger 160 11
Tidewater 130 5
W-H Energy Services* 445 10
Weatherford International* 30 2
----------
51
- --------------------------------------------------------------------------------
PIPELINES -- 0.2%
El Paso* 640 7
National Fuel Gas 200 6
Questar 200 10
Williams 200 3
----------
26
----------
TOTAL ENERGY (COST $ 416) 443
----------
- --------------------------------------------------------------------------------
FINANCIAL -- 13.5%
COMMERCIAL BANKS-CENTRAL US -- 0.1%
Texas Regional Bancshares 100 3
Wintrust Financial 100 6
----------
9
- --------------------------------------------------------------------------------
COMMERCIAL BANKS-EASTERN US -- 0.2%
Commerce Bancorp 120 7
Signature Bank* 390 12
----------
19
- --------------------------------------------------------------------------------
COMMERCIAL BANKS-SOUTHERN US -- 0.3%
Colonial BancGroup 350 7
GB&T Bancshares 475 12
Oriental Financial Group 220 6
Popular 200 5
----------
30
- --------------------------------------------------------------------------------
COMMERCIAL BANKS-WESTERN US -- 0.1%
CVB Financial 187 4
Hanmi Financial 100 3
UCBH Holdings 180 8
----------
15
- --------------------------------------------------------------------------------
FIDUCIARY BANKS -- 0.0%
Investors Financial Services 30 2
State Street 30 1
----------
3
- --------------------------------------------------------------------------------
FINANCE-CONSUMER LOANS -- 0.7%
Asta Funding 100 3
Collegiate Funding Services LLC* 2,295 34
Portfolio Recovery Associates* 485 20
SLM 476 24
World Acceptance* 100 3
----------
84
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
FINANCE-CREDIT CARD -- 0.3%
Capital One Financial 40 $ 3
MBNA 673 18
Metris* 970 12
Providian Financial* 265 4
----------
37
- --------------------------------------------------------------------------------
FINANCE-INVESTMENT BANKER/BROKER -- 1.2%
Citigroup 1,204 59
Friedman Billings Ramsey Group 370 7
Goldman Sachs Group 190 21
JPMorgan Chase 247 9
Lehman Brothers Holdings 294 27
Merrill Lynch 131 8
----------
131
- --------------------------------------------------------------------------------
FINANCE-MORTGAGE LOAN/BANKER -- 0.6%
Countrywide Credit Industry 1,707 63
----------
63
- --------------------------------------------------------------------------------
FINANCE-OTHER SERVICES -- 0.3%
Asset Acceptance Capital* 865 18
MarketAxess Holdings* 855 12
----------
30
- --------------------------------------------------------------------------------
FINANCIAL GUARANTEE INSURANCE -- 0.1%
MGIC Investment 256 16
----------
16
- --------------------------------------------------------------------------------
INSURANCE BROKERS -- 0.4%
Brown & Brown 200 9
Hilb Rogal & Hobbs 445 16
USI Holdings* 1,450 16
----------
41
- --------------------------------------------------------------------------------
INVESTMENT MANAGEMENT/
ADVISORY SERVICES -- 0.3%
Affiliated Managers Group* 270 17
Federated Investors 210 6
Franklin Resources 55 4
GFI Group* 220 6
----------
33
- --------------------------------------------------------------------------------
LIFE/HEALTH INSURANCE -- 0.4%
Ceres Group* 300 2
Cigna 228 18
KMG America* 1,695 19
Lincoln National 90 4
----------
43
- --------------------------------------------------------------------------------
MULTI-LINE INSURANCE -- 0.6%
Allmerica Financial* 330 11
Allstate 524 26
American International Group 110 7
Assurant 90 3
Cincinnati Financial 140 6
Hartford Financial Services Group 262 18
----------
71
- --------------------------------------------------------------------------------
40
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
PROPERTY/CASUALTY INSURANCE -- 0.8%
Ace Limited* 312 $ 14
Bristol West Holdings* 610 12
EMC Insurance Group 735 15
Fidelity National Financial 100 5
FPIC Insurance Group* 100 3
Philadelphia Consolidated Holding* 50 3
PMA Capital* 400 4
Safeco 150 7
Selective Insurance Group 100 4
XL Capital, Cl A 324 24
----------
91
- --------------------------------------------------------------------------------
REAL ESTATE MANAGEMENT/SERVICES -- 0.3%
CB Richard Ellis Group* 715 25
Jones Lang LaSalle* 100 3
Trammell Crow* 520 9
----------
37
- --------------------------------------------------------------------------------
REAL ESTATE OPERATION/DEVELOPMENT -- 0.1%
Brookfield Properties 315 11
St. Joe 70 5
----------
16
- --------------------------------------------------------------------------------
REINSURANCE -- 0.4%
Aspen Insurance Holdings* 130 4
Axis Capital Holdings 295 8
Odyssey Re Holdings 405 10
PartnerRe 80 5
PXRE Group 855 22
----------
49
- --------------------------------------------------------------------------------
REITS -- 0.3%
Ashford Hospitality Trust 790 8
Eastgroup Properties 100 3
Equity Lifestyle Properties 117 4
Equity One 180 4
HRPT Properties Trust 498 6
Prentiss Properties Trust 110 4
----------
29
- --------------------------------------------------------------------------------
REITS-APARTMENTS -- 0.6%
AvalonBay Communities 146 10
BRE Properties 253 9
Equity Residential 635 20
GMH Communities Trust* 319 4
Home Properties of New York 208 8
United Dominion Realty Trust 474 11
----------
62
- --------------------------------------------------------------------------------
REITS-DIVERSIFIED -- 0.0%
Correctional Properties Trust 50 1
Washington Real Estate
Investment Trust 46 2
----------
3
- --------------------------------------------------------------------------------
REITS-HOTELS -- 0.6%
Host Marriott* 1,177 19
LaSalle Hotel Properties 368 11
REITS-HOTELS -- CONTINUED
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
Meristar Hospitality* 4,930 $ 38
Strategic Hotel Capital* 195 3
----------
71
- --------------------------------------------------------------------------------
REITS-MORTGAGE -- 0.2%
HomeBanc* 2,585 24
----------
24
- --------------------------------------------------------------------------------
REITS-OFFICE PROPERTY -- 1.1%
Alexandria Real Estate Equities 113 7
American Financial Realty Trust 435 7
Arden Realty 170 6
BioMed Realty Trust* 216 4
Boston Properties 406 23
Capital Automotive 267 9
Colonial Properties Trust 121 4
Corporate Office Properties Trust 100 3
Duke Realty 311 10
Lexington Corporate Properties Trust 318 7
Liberty Property Trust 178 7
Mack-Cali Realty 170 7
Parkway Properties 50 2
PS Business Parks 202 9
Vornado Realty Trust 348 24
----------
129
- --------------------------------------------------------------------------------
REITS-REGIONAL MALLS -- 0.4%
CBL & Associates Properties 168 12
Simon Property Group 590 35
----------
47
- --------------------------------------------------------------------------------
REITS-SHOPPING CENTERS -- 0.5%
Developers Diversified Realty 292 11
Pan Pacific Retail Properties 248 14
Realty Income 76 2
Regency Centers 320 16
Tanger Factory Outlet Centers 219 5
Weingarten Realty Investors 160 6
----------
54
- --------------------------------------------------------------------------------
REITS-STORAGE -- 0.2%
Public Storage 320 17
U-Store-It Trust* 233 4
----------
21
- --------------------------------------------------------------------------------
REITS-WAREHOUSE/INDUSTRIAL -- 0.2%
Catellus Development 200 5
Prologis 304 12
----------
17
- --------------------------------------------------------------------------------
S&L/THRIFTS-CENTRAL US -- 0.2%
Franklin Bank* 1,075 19
----------
19
- --------------------------------------------------------------------------------
S&L/THRIFTS-EASTERN US -- 0.2%
Dime Community Bancshares 150 2
NewAlliance Bancshares* 935 14
WSFS Financial 50 3
----------
19
- --------------------------------------------------------------------------------
41
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
S&L/THRIFTS-SOUTHERN US -- 0.1%
BankAtlantic Bancorp 610 $ 12
Ocwen Financial* 200 1
----------
13
- --------------------------------------------------------------------------------
S&L/THRIFTS-WESTERN US -- 0.3%
Washington Federal 250 6
Washington Mutual 741 30
----------
36
- --------------------------------------------------------------------------------
SUPER-REGIONAL BANKS-US -- 1.4%
Bank of America 1,855 86
PNC Financial Services Group 242 13
Wachovia 556 30
Wells Fargo 484 30
----------
159
----------
TOTAL FINANCIAL (COST $ 1,475) 1,521
----------
- --------------------------------------------------------------------------------
HEALTH CARE -- 7.1%
DENTAL SUPPLIES & EQUIPMENT -- 0.1%
Dentsply International 150 8
----------
8
- --------------------------------------------------------------------------------
DIAGNOSTIC EQUIPMENT -- 0.1%
Cytyc* 270 7
Gen-Probe* 80 4
----------
11
- --------------------------------------------------------------------------------
DIALYSIS CENTERS -- 0.0%
DaVita* 30 1
----------
1
- --------------------------------------------------------------------------------
DISPOSABLE MEDICAL PRODUCTS -- 0.1%
ICU Medical* 335 9
----------
9
- --------------------------------------------------------------------------------
HOSPITAL BEDS/EQUIPMENT -- 0.1%
Hillenbrand Industries 30 2
Kinetic Concepts* 90 6
----------
8
- --------------------------------------------------------------------------------
MEDICAL INSTRUMENTS -- 0.5%
Boston Scientific* 410 14
Guidant 356 26
St. Jude Medical* 470 18
----------
58
- --------------------------------------------------------------------------------
MEDICAL LABS & TESTING SERVICES -- 0.1%
Covance* 150 6
Quest Diagnostics 70 7
----------
13
- --------------------------------------------------------------------------------
MEDICAL PRODUCTS -- 1.5%
Baxter International 645 22
Becton Dickinson 90 5
Cooper 100 8
Henry Schein* 65 4
Inamed* 110 8
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
MEDICAL PRODUCTS -- CONTINUED
Johnson & Johnson 1,238 $ 80
Stryker 180 9
Varian Medical Systems* 250 9
Zimmer Holdings* 340 27
----------
172
- --------------------------------------------------------------------------------
MEDICAL-BIOMEDICAL/GENETIC -- 0.7%
Amgen* 180 11
Applera - Celera Genomics Group* 735 10
Bio-Rad Laboratories* 50 3
Biogen Idec* 260 17
Genentech* 330 16
Genzyme* 90 5
Georgia Gulf 50 2
Millipore* 46 2
Protein Design Labs* 425 9
----------
75
- --------------------------------------------------------------------------------
MEDICAL-DRUGS -- 0.9%
Abbott Laboratories 170 8
Bristol-Myers Squibb 630 15
Forest Laboratories* 80 3
Pfizer 1,300 31
Priority Healthcare* 685 16
Schering-Plough 882 16
Wyeth 348 14
----------
103
- --------------------------------------------------------------------------------
MEDICAL-GENERIC DRUGS -- 1.1%
Barr Pharmaceuticals* 130 6
Eon Labs* 645 17
Par Pharmaceutical* 560 21
Perrigo 1,130 19
Teva Pharmaceutical Industries ADR* 2,000 57
Watson Pharmaceuticals* 150 5
----------
125
- --------------------------------------------------------------------------------
MEDICAL-HMO -- 0.8%
Aetna 200 25
Pacificare Health Systems* 100 6
Sierra Health Services* 50 3
UnitedHealth Group 200 18
WellPoint* 332 40
----------
92
- --------------------------------------------------------------------------------
MEDICAL-HOSPITALS -- 0.0%
Tenet Healthcare* 510 5
----------
5
- --------------------------------------------------------------------------------
MEDICAL-NURSING HOMES -- 0.1%
Genesis HealthCare* 345 12
----------
12
- --------------------------------------------------------------------------------
MEDICAL-OUTPATIENT/HOME MEDICAL -- 0.1%
Amedisys* 100 3
Lincare Holdings* 135 6
----------
9
- --------------------------------------------------------------------------------
42
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
EDICAL-WHOLESALE DRUG DISTRIBUTORS-- 0.4%
AmerisourceBergen 552 $ 32
Cardinal Health 152 9
----------
41
- --------------------------------------------------------------------------------
OPTICAL SUPPLIES -- 0.1%
Alcon 170 13
----------
13
- --------------------------------------------------------------------------------
PHARMACY SERVICES -- 0.3%
Accredo Health* 435 13
Caremark Rx* 420 16
----------
29
- --------------------------------------------------------------------------------
RESPIRATORY PRODUCTS -- 0.0%
Respironics* 100 6
----------
6
- --------------------------------------------------------------------------------
THERAPEUTICS -- 0.1%
Gilead Sciences* 330 11
----------
11
- --------------------------------------------------------------------------------
VETERINARY DIAGNOSTICS -- 0.0%
VCA Antech* 200 4
----------
4
----------
TOTAL HEALTH CARE (COST $ 780) 805
----------
- --------------------------------------------------------------------------------
INDUSTRIAL -- 4.1%
AEROSPACE/DEFENSE -- 0.4%
Boeing 199 10
Curtiss-Wright 50 3
Herley Industries* 100 2
Lockheed Martin 130 7
Rockwell Collins 200 9
Teledyne Technologies* 645 19
----------
50
- --------------------------------------------------------------------------------
AEROSPACE/DEFENSE-EQUIPMENT -- 0.2%
Alliant Techsystems* 180 12
Moog* 245 11
----------
23
- --------------------------------------------------------------------------------
AIRLINES -- 0.1%
Southwest Airlines 450 6
----------
6
- --------------------------------------------------------------------------------
BATTERIES/BATTERY SYSTEMS -- 0.0%
Wilson Greatbatch Technologies* 230 4
----------
4
- --------------------------------------------------------------------------------
BUILDING & CONSTRUCTION PRODUCTS-MISCELLANEOUS-- 0.2%
Dycom Industries* 735 20
----------
20
- --------------------------------------------------------------------------------
BUILDING PRODUCTS-CEMENT/AGGREGATE-- 0.1%
Lafarge North America 100 5
Texas Industries 50 3
----------
8
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
BUILDING-HEAVY CONSTRUCTION -- 0.0%
Chicago Bridge & Iron 150 $ 6
----------
6
- --------------------------------------------------------------------------------
CONTAINERS-PAPER/PLASTIC -- 0.0%
Sealed Air* 100 5
----------
5
- --------------------------------------------------------------------------------
DIVERSIFIED MANUFACTURING OPERATIONS-- 0.9%
Actuant* 100 5
Brink's 835 29
Danaher 160 9
ESCO Technologies* 50 4
General Electric 600 22
Honeywell International 275 10
Tyco International 717 26
----------
105
- --------------------------------------------------------------------------------
ELECTRIC PRODUCTS-MISCELLANEOUS -- 0.2%
Emerson Electric 309 21
----------
21
- --------------------------------------------------------------------------------
ELECTRONIC MEASURING INSTRUMENTS -- 0.2%
Flir Systems* 230 14
Garmin 120 6
Tektronix 230 7
----------
27
- --------------------------------------------------------------------------------
ELECTRONICS-MILITARY -- 0.2%
EDO 280 9
Engineered Support Systems 100 6
L-3 Communications Holdings 47 3
----------
18
- --------------------------------------------------------------------------------
ENGINEERING/R&D SERVICES -- 0.2%
Shaw Group* 1,085 18
----------
18
- --------------------------------------------------------------------------------
ENGINES-INTERNAL COMBUSTION -- 0.1%
Briggs & Stratton 100 4
Cummins 77 6
----------
10
- --------------------------------------------------------------------------------
FILTRATION/SEPARATION PRODUCTS -- 0.0%
Clarcor 50 3
----------
3
- --------------------------------------------------------------------------------
GOLD MINING -- 0.0%
Royal Gold 100 2
----------
2
- --------------------------------------------------------------------------------
HAZARDOUS WASTE DISPOSAL -- 0.1%
Stericycle* 130 7
----------
7
- --------------------------------------------------------------------------------
INDUSTRIAL AUTOMATION/ROBOTICS -- 0.1%
Rockwell Automation 160 9
----------
9
- --------------------------------------------------------------------------------
43
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
NSTRUMENTS-CONTROLS -- 0.1%
Thermo Electron* 240 $ 7
----------
7
- --------------------------------------------------------------------------------
INSTRUMENTS-SCIENTIFIC -- 0.0%
Applera - Applied Biosystems Group 300 6
----------
6
- --------------------------------------------------------------------------------
MACHINERY-CONSTRUCTION & MINING -- 0.3%
Caterpillar 236 21
Joy Global 225 6
Terex* 150 7
----------
34
- --------------------------------------------------------------------------------
METAL PROCESSORS & FABRICATORS -- 0.1%
Precision Castparts 140 10
----------
10
- --------------------------------------------------------------------------------
NON-HAZARDOUS WASTE DISPOSAL -- 0.2%
WCA Waste* 2,075 20
----------
20
- --------------------------------------------------------------------------------
POWER CONVERSION/SUPPLY EQUIPMENT -- 0.1%
American Power Conversion 769 16
----------
16
- --------------------------------------------------------------------------------
TOOLS-HAND HELD -- 0.2%
Stanley Works 382 18
----------
18
- --------------------------------------------------------------------------------
WIRE & CABLE PRODUCTS -- 0.1%
General Cable* 845 10
----------
10
----------
TOTAL INDUSTRIAL (COST $ 442) 463
----------
- --------------------------------------------------------------------------------
SERVICES -- 2.6%
ADVERTISING AGENCIES -- 0.1%
Interpublic Group* 675 9
----------
9
- --------------------------------------------------------------------------------
ADVERTISING SERVICES -- 0.1%
Getty Images* 110 8
----------
8
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES -- 0.1%
Intersections* 575 9
Quanta Services* 570 4
----------
13
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES-FINANCE -- 0.2%
H&R Block 466 22
Paychex 50 2
----------
24
- --------------------------------------------------------------------------------
COMPUTER SERVICES -- 0.4%
Affiliated Computer Services* 110 6
Anteon International* 110 4
Cognizant Technology Solutions* 280 11
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
COMPUTER SERVICES -- CONTINUED
DST Systems* 80 $ 4
Manhattan Associates* 1,165 25
----------
50
- --------------------------------------------------------------------------------
CONSULTING SERVICES -- 0.2%
Accenture, Cl A* 430 11
PDI* 220 4
UnitedGlobalCom* 660 7
----------
22
- --------------------------------------------------------------------------------
E-COMMERCE/SERVICES -- 0.3%
eBay* 320 26
Monster Worldwide* 230 7
Napster* 520 5
----------
38
- --------------------------------------------------------------------------------
HUMAN RESOURCES -- 0.1%
Manpower 150 7
Medical Staffing Network Holdings* 1,155 8
----------
15
- --------------------------------------------------------------------------------
PRINTING-COMMERCIAL -- 0.0%
RR Donnelley & Sons 32 1
----------
1
- --------------------------------------------------------------------------------
RENTAL AUTO/EQUIPMENT -- 0.1%
Aaron Rents 200 4
Rent-A-Center* 150 4
----------
8
- --------------------------------------------------------------------------------
RESEARCH & DEVELOPMENT -- 0.4%
Parexel International* 920 22
Pharmaceutical Product Development* 100 4
PRA International* 625 15
----------
41
- --------------------------------------------------------------------------------
SCHOOLS -- 0.3%
Apollo Group* 330 26
Education Management* 130 4
Strayer Education 30 3
----------
33
- --------------------------------------------------------------------------------
SECURITY SERVICES -- 0.1%
Integrated Alarm Services Group* 1,620 8
----------
8
- --------------------------------------------------------------------------------
TELEPHONE-INTEGRATED -- 0.2%
SBC Communications 408 10
Sprint-FON Group* 124 3
Verizon Communications 318 11
----------
24
----------
TOTAL SERVICES (COST $ 294) 294
----------
- --------------------------------------------------------------------------------
TECHNOLOGY -- 9.2%
APPLICATIONS SOFTWARE -- 1.0%
Citrix Systems* 240 5
Infosys Technologies 340 23
Intuit* 245 10
Microsoft 1,333 35
- --------------------------------------------------------------------------------
44
<page>
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
APPLICATIONS SOFTWARE -- CONTINUED
Pinnacle Systems* 1,265 $ 5
Quest Software* 315 5
Satyam Computer Services* 425 10
Siebel Systems* 615 5
Wipro ADR 630 14
----------
112
- --------------------------------------------------------------------------------
B2B/E-COMMERCE -- 0.1%
webMethods* 2,000 12
----------
12
- --------------------------------------------------------------------------------
CELLULAR TELECOMMUNICATIONS -- 0.4%
Nextel Communications* 936 27
Nextel Partners* 560 11
NII Holdings* 180 10
----------
48
- --------------------------------------------------------------------------------
COMPUTER AIDED DESIGN -- 0.3%
Ansys* 100 3
Autodesk 700 21
Parametric Technology* 1,910 11
----------
35
- --------------------------------------------------------------------------------
COMPUTERS -- 0.9%
Apple Computer* 115 9
Dell* 501 21
Hewlett-Packard 584 11
International Business Machines 602 56
----------
97
- --------------------------------------------------------------------------------
COMPUTERS-INTEGRATED SYSTEMS -- 0.0%
MTS Systems 150 5
----------
5
- --------------------------------------------------------------------------------
COMPUTERS-MEMORY DEVICES -- 0.4%
EMC* 940 12
Network Appliance* 510 16
Quantum-DLT & Storage* 2,370 7
Western Digital* 795 9
----------
44
- --------------------------------------------------------------------------------
DATA PROCESSING/MANAGEMENT -- 0.3%
ChoicePoint* 105 5
Dun & Bradstreet* 80 5
MoneyGram International* 140 3
NAVTEQ* 90 3
SEI Investments 100 4
Veritas Software* 685 17
----------
37
- --------------------------------------------------------------------------------
DECISION SUPPORT SOFTWARE -- 0.1%
Cognos* 50 2
NetIQ* 805 10
----------
12
- --------------------------------------------------------------------------------
ELECTRONIC COMPONENTS-MISCELLANEOUS-- 0.4%
Celestica* 230 3
CTS 625 8
Flextronics International* 1,025 15
Jabil Circuit* 340 8
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
ELECTRONIC COMPONENTS-MISCELLANEOUS -- CONTINUED
NAM TAI Electronics 100 $ 2
Sanmina-SCI* 405 2
Sypris Solutions 100 1
----------
39
- --------------------------------------------------------------------------------
ELECTRONIC COMPONENTS-SEMICONDUCTORS-- 1.2%
Broadcom* 570 18
DSP Group* 135 3
Integrated Silicon Solutions* 1,425 9
Intel 2,163 48
Intersil 115 2
MEMC Electronic Materials* 350 4
Nvidia* 609 14
QLogic* 330 13
Texas Instruments 374 9
Xilinx 410 12
Zoran* 575 6
----------
138
- --------------------------------------------------------------------------------
ELECTRONIC FORMS -- 0.1%
Adobe Systems 110 6
----------
6
- --------------------------------------------------------------------------------
ENTERPRISE SOFTWARE/SERVICES -- 0.4%
Ascential Software* 310 5
Informatica* 1,450 11
MicroStrategy* 30 2
Oracle* 1,105 15
Retek* 1,315 8
SAP* 90 4
----------
45
- --------------------------------------------------------------------------------
IDENTIFICATION SYSTEMS/DEVELOPMENT-- 0.0%
Fargo Electronics* 200 3
----------
3
- --------------------------------------------------------------------------------
INTERNET APPLICATION SOFTWARE -- 0.0%
Vignette* 2,305 3
----------
3
- --------------------------------------------------------------------------------
INTERNET INFRASTRUCTURE EQUIPMENT -- 0.1%
Avocent* 210 8
----------
8
- --------------------------------------------------------------------------------
INTERNET INFRASTRUCTURE SOFTWARE -- 0.1%
TIBCO Software* 530 6
----------
6
- --------------------------------------------------------------------------------
INTERNET SECURITY -- 0.3%
Symantec* 1,316 31
VeriSign* 250 6
----------
37
- --------------------------------------------------------------------------------
NETWORKING PRODUCTS -- 0.6%
Cisco Systems* 2,037 37
Foundry Networks* 1,030 10
Juniper Networks* 430 11
Polycom* 225 4
----------
62
- --------------------------------------------------------------------------------
45
<page>
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
FFICE AUTOMATION & EQUIPMENT -- 0.3%
Canon ADR* 500 $ 26
Pitney Bowes 187 8
Xerox* 120 2
----------
36
- --------------------------------------------------------------------------------
SEMICONDUCTOR COMPONENTS-INTEGRATED CIRCUITS-- 0.4%
Emulex* 515 8
Integrated Circuit Systems* 140 3
Integrated Device Technology* 1,100 13
Maxim Integrated Products 155 6
Taiwan Semiconductor Manufacturing* 2,200 19
----------
49
- --------------------------------------------------------------------------------
SEMICONDUCTOR EQUIPMENT -- 0.1%
Applied Materials* 400 7
Brooks Automation* 475 7
----------
14
- --------------------------------------------------------------------------------
SOFTWARE TOOLS -- 0.1%
Borland Software* 1,250 11
----------
11
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT -- 0.2%
Adtran 95 2
Comtech Telecommunications* 50 2
Comverse Technology* 360 8
Lucent Technologies* 1,950 6
----------
18
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS SERVICES -- 0.4%
Amdocs* 690 21
Telecom Corp of New Zealand 5,120 22
----------
43
- --------------------------------------------------------------------------------
WEB HOSTING/DESIGN -- 0.1%
Macromedia* 270 9
----------
9
- --------------------------------------------------------------------------------
WEB PORTALS/ISP -- 0.4%
Google* 20 4
Yahoo!* 1,170 41
----------
45
- --------------------------------------------------------------------------------
WIRELESS EQUIPMENT -- 0.5%
Motorola 1,411 22
Qualcomm 1,017 38
----------
60
----------
TOTAL TECHNOLOGY (COST $1,018) 1,034
----------
- --------------------------------------------------------------------------------
TRANSPORTATION -- 0.9%
AIRLINES -- 0.0%
Skywest 345 6
----------
6
- --------------------------------------------------------------------------------
TRANSPORT-AIR FREIGHT -- 0.1%
CNF 130 6
----------
6
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
TRANSPORT-MARINE -- 0.2%
CP Ships 555 $ 7
General Maritime* 100 5
Kirby* 100 4
Overseas Shipholding Group 100 6
----------
22
- --------------------------------------------------------------------------------
TRANSPORT-SERVICES -- 0.2%
Expeditors International Washington 150 8
Offshore Logistics* 150 5
United Parcel Service 142 11
----------
24
- --------------------------------------------------------------------------------
TRANSPORT-TRUCK -- 0.1%
Celadon Group* 50 1
JB Hunt Transport Services 180 8
US Xpress Enterprises* 50 1
----------
10
- --------------------------------------------------------------------------------
TRANSPORTATION-RAIL -- 0.3%
Burlington Northern Santa Fe 529 26
Norfolk Southern 155 5
----------
31
----------
TOTAL TRANSPORTATION (COST $94) 99
----------
- --------------------------------------------------------------------------------
UTILITIES -- 1.3%
ELECTRIC-INTEGRATED -- 1.0%
Alliant Energy 80 2
Duke Energy 631 17
Entergy 375 26
MGE Energy 375 14
OGE Energy 300 8
Public Service Enterprise Group 100 5
TXU 581 40
----------
112
- --------------------------------------------------------------------------------
ENERGY-ALTERNATE SOURCES -- 0.0%
Headwaters* 100 3
----------
3
- --------------------------------------------------------------------------------
GAS-DISTRIBUTION -- 0.1%
Energen 100 6
UGI 100 4
----------
10
- --------------------------------------------------------------------------------
POWER CONVERSION/SUPPLY EQUIPMENT -- 0.2%
American Electric Power 427 15
----------
15
----------
TOTAL UTILITIES (COST $128) 140
----------
TOTAL COMMON STOCK (COST $5,992) 6,209
----------
- --------------------------------------------------------------------------------
FOREIGN COMMON STOCK -- 16.5%
AUSTRALIA -- 1.5%
Australia & New Zealand Banking Group* 3,634 58
BlueScope Steel 3,800 28
Insurance Australia Group 7,200 36
- --------------------------------------------------------------------------------
46
<page>
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
AUSTRALIA -- CONTINUED
QBE Insurance Group 3,400 $ 40
Westpac Banking 400 6
----------
TOTAL AUSTRALIA 168
----------
- --------------------------------------------------------------------------------
AUSTRIA -- 0.4%
Andritz* 300 23
Voestalpine 300 23
----------
TOTAL AUSTRIA 46
----------
- --------------------------------------------------------------------------------
BELGIUM -- 0.3%
Belgacom 200 8
Dexia* 1,400 32
----------
TOTAL BELGIUM 40
----------
- --------------------------------------------------------------------------------
BERMUDA -- 0.1%
Renaissancere Holdings 150 8
----------
TOTAL BERMUDA 8
----------
- --------------------------------------------------------------------------------
BRAZIL -- 0.2%
Cia Brasileira de Distribuicao Grupo
Pao de Acucar ADR* 600 13
Tele Norte Leste Participacoes ADR* 600 9
----------
TOTAL BRAZIL 22
----------
- --------------------------------------------------------------------------------
CANADA -- 1.1%
Canadian Natural Resource 500 22
Encana 314 19
Goldcorp 400 5
Penn West Petroleum* 100 6
Petro-Canada 100 5
PetroKazakhstan, Cl A 700 26
Precision Drilling* 100 7
QLT* 745 12
Talisman Energy* 300 9
Telesystem International Wireless* 900 13
----------
TOTAL CANADA 124
----------
- --------------------------------------------------------------------------------
CHINA -- 0.2%
China Telecom ADR 500 19
----------
TOTAL CHINA 19
----------
- --------------------------------------------------------------------------------
FINLAND -- 0.1%
Elisa* 350 6
Rautaruukki* 600 6
----------
TOTAL FINLAND 12
----------
- --------------------------------------------------------------------------------
FRANCE -- 0.8%
BNP Paribas* 600 43
France Telecom* 650 20
Societe Generale* 130 13
Total 50 11
----------
TOTAL FRANCE 87
----------
- --------------------------------------------------------------------------------
GERMANY -- 1.2%
Allianz* 173 21
Commerzbank* 424 9
Continental* 526 37
E.ON* 248 22
MPC Capital* 50 4
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
GERMANY -- CONTINUED
Muenchener Rueckversicherungs* 100 $ 11
Schering* 521 35
----------
TOTAL GERMANY 139
----------
- --------------------------------------------------------------------------------
HONG KONG -- 0.0%
Orient Overseas International 1,000 4
----------
TOTAL HONG KONG 4
----------
- --------------------------------------------------------------------------------
INDIA -- 0.3%
ICICI Bank ADR* 400 8
Reliance Industries GDR* 600 15
Tata Motors ADR* 1,200 14
----------
TOTAL INDIA 37
----------
- --------------------------------------------------------------------------------
INDONESIA -- 0.1%
Telekomunikasi Indonesia ADR 500 10
----------
TOTAL INDONESIA 10
----------
- --------------------------------------------------------------------------------
ITALY -- 0.3%
Banca Intesa* 6,300 29
----------
TOTAL ITALY 29
----------
- --------------------------------------------------------------------------------
JAPAN -- 3.1%
JFE Holdings 400 11
Kawasaki Kisen Kaisha 8,075 55
Keihin 700 12
Mitsubishi 3,700 44
Mitsubishi Chemical 2,000 6
Mitsui OSK Lines 8,600 54
Mitsui Trust Holdings 1,000 11
Nippon Steel 19,400 47
Nippon Yusen Kabushiki Kaisha 6,000 33
Santen Pharmaceutical 635 14
Seiko Epson 660 27
Toyota Tsusho* 2,397 37
----------
TOTAL JAPAN 351
----------
- --------------------------------------------------------------------------------
MEXICO -- 0.2%
America Movil ADR* 100 6
Walmart de Mexico ADR 500 17
----------
TOTAL MEXICO 23
----------
- --------------------------------------------------------------------------------
MOROCCO -- 0.2%
Maroc Telecom* 1,700 17
----------
TOTAL MOROCCO 17
----------
- --------------------------------------------------------------------------------
NETHERLANDS -- 0.5%
CNH Global 300 6
ING Groep* 1,925 55
----------
TOTAL NETHERLANDS 61
----------
- --------------------------------------------------------------------------------
NEW GUINEA -- 0.0%
Oil Search* 1,200 2
----------
TOTAL NEW GUINEA 2
----------
- --------------------------------------------------------------------------------
NEW ZEALAND -- 0.5%
Fletcher Building 11,153 52
----------
TOTAL NEW ZEALAND 52
----------
- --------------------------------------------------------------------------------
47
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
NORWAY -- 0.3%
Statoil* 2,000 $ 30
----------
TOTAL NORWAY 30
----------
- --------------------------------------------------------------------------------
PERU -- 0.1%
Cia de Minas Buenaventura* 400 8
----------
TOTAL PERU 8
----------
- --------------------------------------------------------------------------------
PORTUGAL -- 0.0%
Energias de Portugal* 1,800 5
----------
TOTAL PORTUGAL 5
----------
- --------------------------------------------------------------------------------
RUSSIA -- 0.2%
Mobile Telesystems* 500 18
----------
TOTAL RUSSIA 18
----------
- --------------------------------------------------------------------------------
SOUTH AFRICA -- 0.3%
ABSA Group ADR 500 13
AngloGold ADR 500 16
----------
TOTAL SOUTH AFRICA 29
----------
- --------------------------------------------------------------------------------
SOUTH KOREA -- 0.1%
POSCO ADR* 300 13
----------
TOTAL SOUTH KOREA 13
----------
- --------------------------------------------------------------------------------
SPAIN -- 0.1%
Telefonica* 760 14
----------
TOTAL SPAIN 14
----------
- --------------------------------------------------------------------------------
SWEDEN -- 0.4%
TeliaSonera 9,000 51
----------
TOTAL SWEDEN 51
----------
- --------------------------------------------------------------------------------
SWITZERLAND -- 0.5%
Credit Suisse Group* 370 15
Geberit* 10 7
Xstrata 600 11
Zurich Financial Services* 150 25
----------
TOTAL SWITZERLAND 58
----------
- --------------------------------------------------------------------------------
THAILAND -- 0.3%
Advanced Info Services ADR 6,000 17
Shin ADR 5,000 22
----------
TOTAL THAILAND 39
----------
- --------------------------------------------------------------------------------
UNITED KINGDOM -- 3.1%
Alliance Unichem 1,600 23
AstraZeneca* 500 19
Aviva 1,000 12
Barclays* 2,000 22
Corus Group* 20,800 21
Halfords Group* 1,900 11
HBOS* 3,670 59
HSBC Holdings* 1,600 26
Imperial Tobacco Group ADR 469 25
International Power* 5,400 17
Next 466 14
Royal Bank of Scotland Group* 1,300 43
- --------------------------------------------------------------------------------
Shares/Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
UNITED KINGDOM -- CONTINUED
SABMiller 2,500 $ 38
Tesco 3,200 19
----------
TOTAL UNITED KINGDOM 349
----------
TOTAL FOREIGN COMMON STOCK (COST $1,783) 1,865
----------
- --------------------------------------------------------------------------------
FOREIGN PREFERRED STOCK -- 0.4%
GERMANY -- 0.4%
Porsche* 67 44
ProSieben SAT.1 Media* 181 3
----------
TOTAL GERMANY 47
----------
TOTAL FOREIGN PREFERRED STOCK (COST $47) 47
----------
- --------------------------------------------------------------------------------
INVESTMENT COMPANY -- 0.9%
SPDR Trust Series 1* 880 104
----------
TOTAL INVESTMENT COMPANY (COST $103) 104
----------
- --------------------------------------------------------------------------------
RESIDENTIAL MORTGAGES-AGENCIES -- 6.2%
Federal Home Loan Mortgage
Corporation 15 year
5.500%, 09/01/19 $ 71 73
Federal Home Loan Mortgage
Corporation 30 year
6.000%, 08/01/29 16 16
5.500%, 10/01/34 30 30
5.500%, 01/01/35 50 51
5.500%, 02/01/35 89 91
Federal National Mortgage
Association 15 year
5.000%, 10/01/19 60 61
Federal National Mortgage
Association 30 year
6.500%, 08/01/34 22 23
6.500%, 10/01/34 23 23
5.500%, 10/01/34 24 24
5.000%, 11/01/33 50 50
Federal National Mortgage
Association TBA
6.000%, 02/01/35 175 181
Government National Mortgage
Association 30 year
6.000%, 12/15/34 35 36
5.500%, 01/20/35 35 36
----------
TOTAL RESIDENTIAL MORTGAGES-AGENCIES (COST $694) 695
----------
- --------------------------------------------------------------------------------
ASSET-BACKED SECURITIES -- 0.4%
HOME EQUITY LOANS -- 0.4%
Citigroup Commercial Mortgage,
Ser 2004-C2, Cl A3
4.380%, 10/15/41 10 10
GE Capital Commercial Mortgage,
Ser 2004-C3, Cl A3
4.865%, 07/10/39 15 15
JP Morgan Chase Commercial Mortgage,
Ser 2004-CBX, Cl A4
4.529%, 11/12/39 15 15
- --------------------------------------------------------------------------------
48
<page>
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
HOME EQUITY LOANS-- CONTINUED
Residential Asset Mortgage Program,
Ser 2004-RS12, Cl AI2
3.767%, 02/25/27 $ 10 $ 10
----------
50
----------
TOTAL ASSET-BACKED SECURITIES (COST $51) 50
----------
- --------------------------------------------------------------------------------
CORPORATE BONDS -- 4.4%
American General Finance, Ser G MTN
5.375%, 09/01/09 5 5
Amgen 144A
4.000%, 11/18/09 5 5
Appalachian Power, Ser H
5.950%, 05/15/33 10 11
Assurant
5.625%, 02/15/14 5 5
AT&T Wireless Services
8.750%, 03/01/31 10 14
8.125%, 05/01/12 5 6
Bank One
5.900%, 11/15/11 10 11
Baxter International
5.250%, 05/01/07 10 10
Capital One Bank
5.750%, 09/15/10 5 5
Carnival
3.750%, 11/15/07 10 10
Caterpillar Finance Services, Ser F MTN
3.700%, 08/15/08 15 15
Comcast
7.625%, 02/15/08 5 6
5.500%, 03/15/11 5 5
ConAgra Foods
7.125%, 10/01/26 10 12
Consolidated Natural Gas
6.875%, 10/15/26 10 12
Countrywide Home Loan MTN
3.250%, 05/21/08 10 10
DaimlerChrysler
4.750%, 01/15/08 5 5
Dominion Resources
5.000%, 03/15/13 5 5
Ford Motor Credit
6.500%, 01/25/07 5 5
FPL Group Capital
4.086%, 02/16/07 5 5
General Electric Capital, Ser A MTN
6.875%, 11/15/10 15 17
General Motors
8.375%, 07/15/33 5 5
General Motors Acceptance
6.125%, 08/28/07 5 5
Hewlett-Packard
5.750%, 12/15/06 10 10
Household Finance
6.375%, 11/27/12 10 11
John Deere Capital, Ser D MTN
4.125%, 01/15/10 15 15
Kerr-McGee
5.875%, 09/15/06 10 10
- --------------------------------------------------------------------------------
Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
CORPORATE BONDS -- CONTINUED
Marathon Oil
5.375%, 06/01/07 $ 10 $ 10
Merrill Lynch, Ser C MTN
5.000%, 01/15/15 10 10
Midamerican Energy Holdings
5.875%, 10/01/12 5 5
3.500%, 05/15/08 10 10
Morgan Stanley
4.000%, 01/15/10 10 10
Motorola
4.608%, 11/16/07 20 20
Norfolk Southern
7.050%, 05/01/37 15 19
Ocean Energy
4.375%, 10/01/07 10 10
Prudential Financial MTN
3.750%, 05/01/08 5 5
Prudential Financial, Ser B MTN
5.100%, 09/20/14 5 5
PSE&G Power
6.950%, 06/01/12 10 11
Reed Elsevier Capital
6.125%, 08/01/06 15 16
Schering-Plough
6.500%, 12/01/33 10 12
SLM, Ser A MTN
3.950%, 08/15/08 10 10
Southern Co Capital Funding, Ser A
5.300%, 02/01/07 10 11
Sprint Capital
6.000%, 01/15/07 10 11
Time Warner
7.625%, 04/15/31 10 12
Univision Communications
3.875%, 10/15/08 10 10
Verizon Communications
6.360%, 04/15/06 10 10
Verizon Wireless Capital
5.375%, 12/15/06 10 10
Washington Mutual Financial
6.875%, 05/15/11 10 12
Wellpoint 144A
5.000%, 12/15/14 5 5
3.750%, 12/14/07 5 5
Weyerhaeuser
5.950%, 11/01/08 5 5
Wyeth
5.500%, 02/01/14 5 5
Xcel Energy
7.000%, 12/01/10 10 11
----------
TOTAL CORPORATE BONDS (COST $495) 495
----------
- --------------------------------------------------------------------------------
FOREIGN BOND -- 0.1%
United Mexican States MTN, Ser A
7.500%, 04/08/33 10 11
----------
TOTAL FOREIGN BOND (COST $11) 11
----------
- --------------------------------------------------------------------------------
49
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO
Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS -- 5.7%
U.S. Treasury Bills
2.215%, 04/07/05 (B) $ 290 $ 289
U.S. Treasury Bonds
7.500%, 11/15/16 5 6
5.375%, 02/15/31 20 22
3.375%, 09/15/09 100 99
U.S. Treasury Notes
5.750%, 08/15/10 120 132
4.250%, 08/15/14 50 51
3.875%, 05/15/09 40 40
----------
TOTAL U.S. TREASURY OBLIGATIONS (COST $637) 639
----------
- --------------------------------------------------------------------------------
U.S. GOVERNMENT BONDS -- 2.3%
Federal Home Loan Mortgage Corporation
5.875%, 03/21/11 15 16
Federal National Mortgage Association
6.500%, 10/01/34 26 27
5.125%, 01/02/14 15 16
2.330%, 02/09/05 15 15
2.250%, 02/10/05 180 180
----------
TOTAL U.S. GOVERNMENT BONDS (COST $253) 254
----------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 10.8%
Deutsche Bank
2.480%, dated 01/31/05, to be repurchased
on 02/01/05, repurchase price $1,221,938
(collateralized by U.S. Government
obligation, par value $1,248,000, 2.700%
(C), 02/16/05; total market
value $1,246,627) (A) 1,222 1,222
----------
TOTAL REPURCHASE AGREEMENT (COST $1,222) 1,222
----------
TOTAL INVESTMENTS (102.8%) (COST $11,286) $ 11,591
----------
PERCENTAGES ARE BASED ON NET ASSETS OF $11,277,137.
* Non-income producing security.
(A)-- Tri-party repurchase agreement
(B) -- Zero coupon security. The rate reported on the Schedule of Investments is
the effective yield at time of purchase.
(C) -- Variable rate security. The rate reported is the rate as of January 31,
2005.
144A -- Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt from
registration normally to qualified institutions. On January 31, 2005, the
value of these securities amounted to approximately $15,000, representing
0.1% of net assets of the Fund.
ABS -- Asset-Backed Security
ADR -- American Depositary Receipt
Cl -- Class
CMO -- Collateralized Mortgage Obligation
GDR -- Global Depositary Receipt
LLC -- Limited Liability Company
MTN -- Medium-Term Note
REITs -- Real Estate Investment Trusts
Ser -- Series
SPDR -- Standard & Poor's 500 Composite Index Depositary Receipt
TBA -- Security traded under delayed delivery commitments settling after January
31, 2005. Income on this security will not be earned until settlement date.
Cost figures are shown with "000's" omitted.
The accompanying notes are an integral part of the financial statements.
50
<page>
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 69.8%
BASIC MATERIALS -- 2.0%
AGRICULTURAL CHEMICALS -- 0.1%
Agrium 300 $ 5
Potash Corporation of Saskatchewan 40 3
----------
8
- --------------------------------------------------------------------------------
BUILDING & CONSTRUCTION PRODUCTS-MISCELLANEOUS-- 0.0%
USG* 50 2
----------
2
- --------------------------------------------------------------------------------
CHEMICALS-DIVERSIFIED -- 1.1%
Dow Chemical 921 46
Lyondell Chemical 358 10
Olin 1,705 38
----------
94
- --------------------------------------------------------------------------------
CHEMICALS-SPECIALTY -- 0.2%
Eastman Chemical 50 3
Great Lakes Chemical 435 11
----------
14
- --------------------------------------------------------------------------------
COAL -- 0.0%
Peabody Energy 30 3
----------
3
- --------------------------------------------------------------------------------
CONTAINERS-METAL/GLASS -- 0.0%
Crown Holdings* 300 4
----------
4
- --------------------------------------------------------------------------------
INDUSTRIAL GASES -- 0.1%
Air Products & Chemicals 20 1
Airgas 200 5
----------
6
- --------------------------------------------------------------------------------
METAL-COPPER -- 0.1%
Phelps Dodge 60 6
----------
6
- --------------------------------------------------------------------------------
PAPER & RELATED PRODUCTS -- 0.3%
International Paper 165 7
Neenah Paper* 375 12
Schweitzer-Mauduit International 100 3
Temple-Inland 20 1
----------
23
- --------------------------------------------------------------------------------
STEEL-PRODUCERS -- 0.1%
Nucor 150 8
Schnitzer Steel Industries 100 4
----------
12
----------
TOTAL BASIC MATERIALS (COST $161) 172
----------
- --------------------------------------------------------------------------------
CONSUMER CYCLICAL -- 10.7%
APPAREL MANUFACTURERS -- 0.4%
Carter's* 270 10
Coach* 350 20
Polo Ralph Lauren 110 4
----------
34
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
ATHLETIC FOOTWEAR -- 0.2%
Nike 160 $ 14
----------
14
- --------------------------------------------------------------------------------
AUDIO/VIDEO PRODUCTS -- 0.2%
Harman International Industries 180 22
----------
22
- --------------------------------------------------------------------------------
AUTO/TRUCK PARTS & EQUIPMENT-ORIGINAL-- 0.0%
BorgWarner 80 4
----------
4
- --------------------------------------------------------------------------------
BROADCAST SERVICES/PROGRAMMING -- 0.0%
Citadel Broadcasting* 210 3
----------
3
- --------------------------------------------------------------------------------
BUILDING-RESIDENTIAL/COMMERCIAL -- 0.6%
Centex 311 19
DR Horton 300 12
Lennar 50 3
Orleans Homebuilders* 290 5
Pulte Homes 223 15
----------
54
- --------------------------------------------------------------------------------
CABLE TV -- 0.6%
Comcast* 124 4
EchoStar Communications* 200 6
Insight Communications* 1,215 12
Mediacom Communications* 4,320 26
----------
48
- --------------------------------------------------------------------------------
CASINO SERVICES -- 0.5%
Harrah's Entertainment 100 6
International Game Technology 600 19
MGM Mirage* 190 14
Scientific Games* 300 8
----------
47
- --------------------------------------------------------------------------------
CRUISE LINES -- 0.6%
Carnival 752 43
Royal Caribbean Cruises 101 6
----------
49
- --------------------------------------------------------------------------------
DISTRIBUTION/WHOLESALE -- 0.0%
Nuco2* 50 1
----------
1
- --------------------------------------------------------------------------------
ENTERTAINMENT SOFTWARE -- 0.3%
Activision* 380 9
Electronic Arts* 290 19
THQ* 150 3
----------
31
- --------------------------------------------------------------------------------
HOTELS & MOTELS -- 0.7%
Fairmont Hotels & Resorts 20 1
Jameson Inns* 7,920 14
Lodgian* 720 8
Marriott International 50 3
Starwood Hotels & Resorts Worldwide 583 34
----------
60
- --------------------------------------------------------------------------------
51
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
LEISURE & RECREATIONAL PRODUCTS -- 0.0%
Brunswick 50 $ 2
----------
2
- --------------------------------------------------------------------------------
MOTORCYCLE/MOTOR SCOOTER -- 0.1%
Harley-Davidson 80 5
----------
5
- --------------------------------------------------------------------------------
MULTIMEDIA -- 0.9%
Entravision Communications* 2,785 22
EW Scripps 60 3
Time Warner* 520 9
Walt Disney 1,535 44
----------
78
- --------------------------------------------------------------------------------
PUBLISHING-BOOKS -- 0.3%
Scholastic* 770 26
----------
26
- --------------------------------------------------------------------------------
PUBLISHING-NEWSPAPERS -- 0.3%
Journal Register* 830 15
New York Times 110 4
Tribune 100 4
----------
23
- --------------------------------------------------------------------------------
PUBLISHING-PERIODICALS -- 0.2%
Reader's Digest Association 1,280 21
----------
21
- --------------------------------------------------------------------------------
RADIO -- 0.8%
Cumulus Media* 675 9
Emmis Communications* 1,185 21
Radio One* 960 15
Spanish Broadcasting System* 2,255 23
Westwood One* 100 3
----------
71
- --------------------------------------------------------------------------------
RETAIL-APPAREL/SHOE -- 0.2%
Charming Shoppes* 450 4
Childrens Place* 150 5
JOS A Bank Clothiers* 100 3
Too* 220 6
----------
18
- --------------------------------------------------------------------------------
RETAIL-ARTS & CRAFTS -- 0.1%
Michaels Stores 200 6
----------
6
- --------------------------------------------------------------------------------
RETAIL-AUTO PARTS -- 0.5%
Autozone* 483 43
----------
43
- --------------------------------------------------------------------------------
RETAIL-BEDDING -- 0.2%
Bed Bath & Beyond* 340 14
----------
14
- --------------------------------------------------------------------------------
RETAIL-BUILDING PRODUCTS -- 0.3%
Lowe's 470 27
----------
27
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
RETAIL-CONSUMER ELECTRONICS -- 0.1%
Best Buy 120 $ 6
----------
6
- --------------------------------------------------------------------------------
RETAIL-CONVENIENCE STORE -- 0.1%
7-Eleven* 200 5
----------
5
- --------------------------------------------------------------------------------
RETAIL-DISCOUNT -- 0.5%
Costco Wholesale 80 4
Dollar General 367 7
Family Dollar Stores 100 3
Target 280 14
Wal-Mart Stores 240 13
----------
41
- --------------------------------------------------------------------------------
RETAIL-DRUG STORE -- 0.3%
CVS 200 9
Walgreen 320 14
----------
23
- --------------------------------------------------------------------------------
RETAIL-JEWELRY -- 0.0%
Tiffany 80 3
----------
3
- --------------------------------------------------------------------------------
RETAIL-MAJOR DEPARTMENT STORE -- 0.3%
JC Penney 425 18
Sears Roebuck 129 7
----------
25
- --------------------------------------------------------------------------------
RETAIL-OFFICE SUPPLIES -- 0.3%
OfficeMax 130 4
Staples 620 20
----------
24
- --------------------------------------------------------------------------------
RETAIL-PAWN SHOPS -- 0.1%
Cash America International 150 4
Ezcorp* 150 3
----------
7
- --------------------------------------------------------------------------------
RETAIL-PET FOOD & SUPPLIES -- 0.0%
Petco Animal Supplies* 100 4
----------
4
- --------------------------------------------------------------------------------
RETAIL-PETROLEUM PRODUCTS -- 0.1%
World Fuel Services 100 5
----------
5
- --------------------------------------------------------------------------------
RETAIL-REGIONAL DEPARTMENT STORE -- 0.2%
Kohl's* 110 5
Neiman-Marcus Group 150 10
----------
15
- --------------------------------------------------------------------------------
RETAIL-RESTAURANTS -- 0.3%
O'Charleys* 100 2
Starbucks* 230 13
Wendy's International 339 13
----------
28
- --------------------------------------------------------------------------------
52
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
RETAIL-VIDEO RENTAL -- 0.1%
Blockbuster 1,310 $ 12
----------
12
- --------------------------------------------------------------------------------
TELEVISION -- 0.2%
Sinclair Broadcast Group 1,390 11
Univision Communications* 100 3
----------
14
- --------------------------------------------------------------------------------
THEATERS -- 0.0%
Carmike Cinemas 50 2
----------
2
- --------------------------------------------------------------------------------
TOYS -- 0.1%
Mattel* 635 12
----------
12
----------
TOTAL CONSUMER CYCLICAL (COST $877) 927
----------
- --------------------------------------------------------------------------------
CONSUMER NON-CYCLICAL -- 3.0%
AGRICULTURAL OPERATIONS -- 0.3%
Delta & Pine Land 365 11
Monsanto 110 6
Tejon Ranch* 130 5
----------
22
- --------------------------------------------------------------------------------
BEVERAGES-NON-ALCOHOLIC -- 0.2%
PepsiCo 282 15
----------
15
- --------------------------------------------------------------------------------
CONSUMER PRODUCTS-MISCELLANEOUS -- 0.0%
Fossil, Cl A* 80 2
----------
2
- --------------------------------------------------------------------------------
COSMETICS & TOILETRIES -- 1.0%
Avon Products 330 14
Estee Lauder 210 9
Procter & Gamble 1,177 63
----------
86
- --------------------------------------------------------------------------------
FOOD-DAIRY PRODUCTS -- 0.1%
Dean Foods* 381 14
----------
14
- --------------------------------------------------------------------------------
FOOD-FLOUR & GRAIN -- 0.3%
Archer-Daniels-Midland 1,115 27
----------
27
- --------------------------------------------------------------------------------
FOOD-MEAT PRODUCTS -- 0.1%
Smithfield Foods* 300 9
----------
9
- --------------------------------------------------------------------------------
FOOD-MISCELLANEOUS/DIVERSIFIED -- 0.2%
ConAgra Foods 360 10
HJ Heinz 127 5
----------
15
- --------------------------------------------------------------------------------
FOOD-WHOLESALE/DISTRIBUTION -- 0.0%
Sysco 80 3
----------
3
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
POULTRY -- 0.1%
Pilgrim's Pride 150 $ 5
Sanderson Farms 100 5
----------
10
- --------------------------------------------------------------------------------
TOBACCO -- 0.7%
Altria Group 629 40
UST 375 19
----------
59
----------
TOTAL CONSUMER NON-CYCLICAL (COST $241) 262
----------
- --------------------------------------------------------------------------------
ENERGY -- 4.5%
OIL & GAS DRILLING -- 0.4%
Atwood Oceanics* 135 8
ENSCO International 90 3
GlobalSantaFe 130 5
Nabors Industries* 70 3
Patterson-UTI Energy 100 2
Pride International* 130 3
Rowan* 130 4
Todco* 135 3
Transocean* 90 4
----------
35
- --------------------------------------------------------------------------------
OIL COMPANIES-EXPLORATION &
PRODUCTION -- 1.0%
Berry Petroleum 100 5
Cimarex Energy* 150 5
Houston Exploration* 50 3
Magnum Hunter Resources* 300 4
Meridian Resource* 1,225 7
Murphy Oil 100 9
Newfield Exploration* 100 6
Noble Energy 10 1
Penn Virginia 100 4
Pogo Producing 120 5
Range Resources 260 6
Stone Energy* 175 7
Unit* 100 4
Vintage Petroleum 395 10
XTO Energy 344 12
----------
88
- --------------------------------------------------------------------------------
OIL COMPANIES-INTEGRATED -- 1.6%
BP* 365 22
ChevronTexaco 267 14
ConocoPhillips 839 78
Occidental Petroleum 429 25
----------
139
- --------------------------------------------------------------------------------
OIL FIELD MACHINERY & EQUIPMENT -- 0.2%
Lone Star Technologies* 260 11
Maverick Tube* 100 3
National-Oilwell* 60 2
Smith International* 80 5
----------
21
- --------------------------------------------------------------------------------
53
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
OIL REFINING & MARKETING -- 0.5%
Frontier Oil 260 $ 7
Giant Industries* 100 3
Tesoro* 150 5
Valero Energy 530 27
----------
42
- --------------------------------------------------------------------------------
OIL-FIELD SERVICES -- 0.6%
BJ Services 110 5
Cal Dive International* 220 10
Core Laboratories* 305 7
Schlumberger 180 12
Tidewater 100 4
W-H Energy Services* 405 9
Weatherford International* 20 1
----------
48
- --------------------------------------------------------------------------------
PIPELINES -- 0.2%
El Paso* 330 4
National Fuel Gas 200 6
Questar 200 10
Williams 130 2
----------
22
----------
TOTAL ENERGY (COST $369) 395
----------
- --------------------------------------------------------------------------------
FINANCIAL -- 18.1%
COMMERCIAL BANKS-CENTRAL US -- 0.1%
TCF Financial 90 2
Texas Regional Bancshares 100 3
Wintrust Financial 50 3
----------
8
- --------------------------------------------------------------------------------
COMMERCIAL BANKS-EASTERN US -- 0.2%
Commerce Bancorp 130 7
Signature Bank* 345 11
----------
18
- --------------------------------------------------------------------------------
COMMERCIAL BANKS-SOUTHERN US -- 0.3%
Colonial BancGroup 300 6
GB&T Bancshares 345 8
Oriental Financial Group 170 5
Popular 200 5
----------
24
- --------------------------------------------------------------------------------
COMMERCIAL BANKS-WESTERN US -- 0.2%
Community Bancorp* 135 4
CVB Financial 187 4
Hanmi Financial 100 3
UCBH Holdings 140 6
----------
17
- --------------------------------------------------------------------------------
FIDUCIARY BANKS -- 0.0%
Investors Financial Services 20 1
State Street 20 1
----------
2
- --------------------------------------------------------------------------------
FINANCE-CONSUMER LOANS -- 0.8%
Asta Funding 100 2
Collegiate Funding Services LLC* 1,715 26
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
FINANCE-CONSUMER LOANS -- CONTINUED
Portfolio Recovery Associates* 405 $ 17
SLM 497 25
World Acceptance* 100 3
----------
73
- --------------------------------------------------------------------------------
FINANCE-CREDIT CARD -- 0.4%
Capital One Financial 90 7
MBNA 538 14
Metris* 790 10
Providian Financial* 185 3
----------
34
- --------------------------------------------------------------------------------
FINANCE-INVESTMENT BANKER/BROKER -- 1.5%
Citigroup 1,149 56
Friedman Billings Ramsey Group 235 5
Goldman Sachs Group 260 28
JPMorgan Chase 197 7
Lehman Brothers Holdings 407 37
----------
133
- --------------------------------------------------------------------------------
FINANCE-MORTGAGE LOAN/BANKER -- 0.7%
Countrywide Credit Industry 1,594 59
----------
59
- --------------------------------------------------------------------------------
FINANCE-OTHER SERVICES -- 0.3%
Asset Acceptance Capital* 645 13
MarketAxess Holdings* 710 10
----------
23
- --------------------------------------------------------------------------------
FINANCIAL GUARANTEE INSURANCE -- 0.2%
MGIC Investment 205 13
----------
13
- --------------------------------------------------------------------------------
INSURANCE BROKERS -- 0.4%
Brown & Brown 200 9
Hilb Rogal & Hobbs 315 11
USI Holdings* 1,190 13
----------
33
- --------------------------------------------------------------------------------
INVESTMENT MANAGEMENT/ADVISORY SERVICES-- 0.3%
Affiliated Managers Group* 220 14
Federated Investors 130 4
Franklin Resources 20 1
GFI Group* 105 3
----------
22
- --------------------------------------------------------------------------------
LIFE/HEALTH INSURANCE -- 0.4%
Ceres Group* 300 2
Cigna 202 16
KMG America* 1,330 15
Lincoln National 60 3
----------
36
- --------------------------------------------------------------------------------
MULTI-LINE INSURANCE -- 0.8%
Allmerica Financial* 265 9
Allstate 510 26
American International Group 130 9
Assurant 50 2
Cincinnati Financial 80 3
- --------------------------------------------------------------------------------
54
<page>
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
ULTI-LINE INSURANCE -- CONTINUED
Hartford Financial Services Group 210 $ 14
Prudential Financial 85 4
----------
67
- --------------------------------------------------------------------------------
PROPERTY/CASUALTY INSURANCE -- 1.0%
Ace Limited* 404 18
Bristol West Holdings* 510 10
EMC Insurance Group 615 12
Fidelity National Financial 80 4
FPIC Insurance Group* 100 3
Philadelphia Consolidated Holding* 50 3
PMA Capital* 400 4
Safeco 150 7
Selective Insurance Group 100 4
XL Capital, Cl A 243 18
----------
83
- --------------------------------------------------------------------------------
REAL ESTATE MANAGEMENT/SERVICES -- 0.3%
CB Richard Ellis Group* 490 17
Jones Lang LaSalle* 100 4
Trammell Crow* 430 7
----------
28
- --------------------------------------------------------------------------------
REAL ESTATE OPERATION/DEVELOPMENT -- 0.2%
Brookfield Properties 465 17
St. Joe 50 3
----------
20
- --------------------------------------------------------------------------------
REINSURANCE -- 0.4%
Aspen Insurance Holdings* 80 2
Axis Capital Holdings 160 4
Odyssey Re Holdings 285 7
PartnerRe 50 3
PXRE Group 685 18
----------
34
- --------------------------------------------------------------------------------
REITS -- 0.4%
Ashford Hospitality Trust 570 6
Eastgroup Properties 142 5
Equity Lifestyle Properties 170 6
Equity One 266 5
HRPT Properties Trust 735 9
Prentiss Properties Trust 163 6
----------
37
- --------------------------------------------------------------------------------
REITS-APARTMENTS -- 1.0%
AvalonBay Communities 215 14
BRE Properties 374 14
Equity Residential 873 28
GMH Communities Trust* 470 6
Home Properties of New York 307 12
United Dominion Realty Trust 700 16
----------
90
- --------------------------------------------------------------------------------
REITS-DIVERSIFIED -- 0.0%
Correctional Properties Trust 50 1
Washington Real Estate Investment Trust 68 2
----------
3
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
REITS-HOTELS -- 0.9%
Host Marriott* 1,577 $ 25
LaSalle Hotel Properties 496 15
Meristar Hospitality* 4,130 32
Strategic Hotel Capital* 288 5
----------
77
- --------------------------------------------------------------------------------
REITS-MORTGAGE -- 0.2%
HomeBanc* 2,130 20
----------
20
- --------------------------------------------------------------------------------
REITS-OFFICE PROPERTY -- 2.1%
Alexandria Real Estate Equities 166 11
American Financial Realty Trust 240 4
Arden Realty 250 8
BioMed Realty Trust* 318 6
Boston Properties 552 32
Capital Automotive 394 13
Colonial Properties Trust 178 7
Corporate Office Properties Trust 100 3
Duke Realty 459 14
Lexington Corporate Properties Trust 469 10
Liberty Property Trust 262 10
Mack-Cali Realty 250 11
Parkway Properties 50 2
PS Business Parks 295 12
Vornado Realty Trust 514 36
----------
179
- --------------------------------------------------------------------------------
REITS-REGIONAL MALLS -- 0.8%
CBL & Associates Properties 274 19
Simon Property Group 845 50
----------
69
- --------------------------------------------------------------------------------
REITS-SHOPPING CENTERS -- 0.9%
Developers Diversified Realty 431 17
Pan Pacific Retail Properties 366 21
Realty Income 124 3
Regency Centers 472 23
Tanger Factory Outlet Centers 322 8
Weingarten Realty Investors 236 9
----------
81
- --------------------------------------------------------------------------------
REITS-STORAGE -- 0.3%
Public Storage 472 25
U-Store-It Trust* 343 5
----------
30
- --------------------------------------------------------------------------------
REITS-WAREHOUSE/INDUSTRIAL -- 0.3%
Catellus Development 250 7
Prologis 449 17
----------
24
- --------------------------------------------------------------------------------
S&L/THRIFTS-CENTRAL US -- 0.2%
Franklin Bank* 880 15
----------
15
- --------------------------------------------------------------------------------
55
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
S&L/THRIFTS-EASTERN US -- 0.2%
Dime Community Bancshares 150 $ 3
NewAlliance Bancshares* 770 11
WSFS Financial 50 3
----------
17
- --------------------------------------------------------------------------------
S&L/THRIFTS-SOUTHERN US -- 0.1%
BankAtlantic Bancorp 415 8
Ocwen Financial* 300 3
----------
11
- --------------------------------------------------------------------------------
S&L/THRIFTS-WESTERN US -- 0.3%
Washington Federal 250 7
Washington Mutual 475 19
----------
26
- --------------------------------------------------------------------------------
SUPER-REGIONAL BANKS-US -- 1.9%
Bank of America 1,791 83
PNC Financial Services Group 193 11
US Bancorp 541 16
Wachovia 397 22
Wells Fargo 479 29
----------
161
----------
TOTAL FINANCIAL (COST $1,507) 1,567
----------
- --------------------------------------------------------------------------------
HEALTH CARE -- 9.5%
DENTAL SUPPLIES & EQUIPMENT -- 0.1%
Dentsply International 150 8
----------
8
- --------------------------------------------------------------------------------
DIAGNOSTIC EQUIPMENT -- 0.1%
Cytyc* 140 4
Gen-Probe* 50 2
----------
6
- --------------------------------------------------------------------------------
DIALYSIS CENTERS -- 0.0%
DaVita* 20 1
----------
1
- --------------------------------------------------------------------------------
DISPOSABLE MEDICAL PRODUCTS -- 0.1%
ICU Medical* 250 7
----------
7
- --------------------------------------------------------------------------------
HOSPITAL BEDS/EQUIPMENT -- 0.1%
Hillenbrand Industries 20 1
Kinetic Concepts* 50 3
----------
4
- --------------------------------------------------------------------------------
MEDICAL INSTRUMENTS -- 0.9%
Boston Scientific* 480 16
Guidant 458 33
St. Jude Medical* 690 27
----------
76
- --------------------------------------------------------------------------------
MEDICAL LABS & TESTING SERVICES -- 0.1%
Covance* 150 6
Quest Diagnostics 40 4
----------
10
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
MEDICAL PRODUCTS -- 2.0%
Baxter International 516 $ 18
Becton Dickinson 50 3
Cooper 60 5
Henry Schein* 20 1
Inamed* 60 4
Johnson & Johnson 1,397 90
Stryker 210 10
Varian Medical Systems* 310 12
Zimmer Holdings* 430 34
----------
177
- --------------------------------------------------------------------------------
MEDICAL-BIOMEDICAL/GENETIC -- 1.0%
Amgen* 220 14
Applera - Celera Genomics Group* 635 8
Bio-Rad Laboratories* 50 3
Biogen Idec* 300 19
Genentech* 500 24
Genzyme* 140 8
Georgia Gulf 50 3
Millipore* 23 1
Protein Design Labs* 231 5
----------
85
- --------------------------------------------------------------------------------
MEDICAL-DRUGS -- 1.0%
Abbott Laboratories 170 8
Bristol-Myers Squibb 504 12
Forest Laboratories* 180 8
Pfizer 1,261 30
Priority Healthcare* 560 13
Schering-Plough 705 13
Wyeth 110 4
----------
88
- --------------------------------------------------------------------------------
MEDICAL-GENERIC DRUGS -- 1.4%
Barr Pharmaceuticals* 80 4
Eon Labs* 530 14
Par Pharmaceutical* 485 18
Perrigo 1,000 17
Teva Pharmaceutical Industries* 2,410 69
Watson Pharmaceuticals* 100 3
----------
125
- --------------------------------------------------------------------------------
MEDICAL-HMO -- 1.3%
Aetna 283 36
Pacificare Health Systems* 150 9
Sierra Health Services* 50 3
UnitedHealth Group 342 31
WellPoint* 257 31
----------
110
- --------------------------------------------------------------------------------
MEDICAL-HOSPITALS -- 0.0%
Tenet Healthcare* 290 3
----------
3
- --------------------------------------------------------------------------------
MEDICAL-NURSING HOMES -- 0.1%
Genesis HealthCare* 260 9
----------
9
- --------------------------------------------------------------------------------
56
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
MEDICAL-OUTPATIENT/HOME MEDICAL -- 0.1%
Amedisys* 150 $ 5
Lincare Holdings* 80 3
----------
8
- --------------------------------------------------------------------------------
MEDICAL-WHOLESALE DRUG DISTRIBUTORS-- 0.4%
AmerisourceBergen 421 24
Cardinal Health 208 12
----------
36
- --------------------------------------------------------------------------------
OPTICAL SUPPLIES -- 0.2%
Alcon 250 20
----------
20
- --------------------------------------------------------------------------------
PHARMACY SERVICES -- 0.3%
Accredo Health* 300 9
Caremark Rx* 344 13
----------
22
- --------------------------------------------------------------------------------
RESPIRATORY PRODUCTS -- 0.1%
Respironics* 100 6
----------
6
- --------------------------------------------------------------------------------
THERAPEUTICS -- 0.2%
Gilead Sciences* 500 16
----------
16
- --------------------------------------------------------------------------------
VETERINARY DIAGNOSTICS -- 0.0%
VCA Antech* 200 4
----------
4
----------
TOTAL HEALTH CARE (COST $794) 821
----------
- --------------------------------------------------------------------------------
INDUSTRIAL -- 4.5%
AEROSPACE/DEFENSE -- 0.5%
Boeing 159 8
Curtiss-Wright 50 3
Herley Industries* 100 2
Lockheed Martin 160 9
Rockwell Collins 160 7
Teledyne Technologies* 505 15
----------
44
- --------------------------------------------------------------------------------
AEROSPACE/DEFENSE-EQUIPMENT -- 0.2%
Alliant Techsystems* 120 8
Moog* 205 9
----------
17
- --------------------------------------------------------------------------------
AIRLINES -- 0.0%
Southwest Airlines 240 3
----------
3
- --------------------------------------------------------------------------------
BATTERIES/BATTERY SYSTEMS -- 0.0%
Wilson Greatbatch Technologies* 195 3
----------
3
- --------------------------------------------------------------------------------
BUILDING & CONSTRUCTION PRODUCTS-MISCELLANEOUS-- 0.2%
Dycom Industries* 600 16
----------
16
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
BUILDING PRODUCTS-CEMENT/AGGREGATE-- 0.1%
Lafarge North America 150 $ 8
Texas Industries 50 3
----------
11
- --------------------------------------------------------------------------------
BUILDING-HEAVY CONSTRUCTION -- 0.1%
Chicago Bridge & Iron 150 6
----------
6
- --------------------------------------------------------------------------------
CONTAINERS-PAPER/PLASTIC -- 0.1%
Sealed Air* 100 5
----------
5
- --------------------------------------------------------------------------------
DIVERSIFIED MANUFACTURING OPERATIONS-- 1.2%
Actuant* 100 5
Brink's 680 24
Danaher 190 10
ESCO Technologies* 50 4
General Electric 710 26
Honeywell International 220 8
Tyco International 774 28
----------
105
- --------------------------------------------------------------------------------
ELECTRIC PRODUCTS-MISCELLANEOUS -- 0.2%
Emerson Electric 247 17
----------
17
- --------------------------------------------------------------------------------
ELECTRONIC MEASURING INSTRUMENTS -- 0.2%
Flir Systems* 170 10
Garmin 60 3
Tektronix 123 4
----------
17
- --------------------------------------------------------------------------------
ELECTRONICS-MILITARY -- 0.1%
EDO 205 6
Engineered Support Systems 100 6
----------
12
- -------------------------------------------------------------------------------
ENGINEERING/R&D SERVICES -- 0.2%
Shaw Group* 905 15
----------
15
- --------------------------------------------------------------------------------
ENGINES-INTERNAL COMBUSTION -- 0.0%
Briggs & Stratton 100 4
----------
4
- --------------------------------------------------------------------------------
FILTRATION/SEPARATION PRODUCTS -- 0.0%
Clarcor 50 3
----------
3
- --------------------------------------------------------------------------------
GOLD MINING -- 0.0%
Royal Gold 100 2
----------
2
- --------------------------------------------------------------------------------
HAZARDOUS WASTE DISPOSAL -- 0.0%
Stericycle* 70 4
----------
4
- --------------------------------------------------------------------------------
57
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
INDUSTRIAL AUTOMATION/ROBOT -- 0.1%
Rockwell Automation 80 $ 5
----------
5
- --------------------------------------------------------------------------------
INSTRUMENTS-CONTROLS -- 0.0%
Thermo Electron* 130 4
----------
4
- --------------------------------------------------------------------------------
INSTRUMENTS-SCIENTIFIC -- 0.0%
Applera - Applied Biosystems Group 160 3
----------
3
- --------------------------------------------------------------------------------
MACHINERY-CONSTRUCTION & MINING -- 0.5%
Caterpillar 291 26
Joy Global 225 6
Terex* 150 7
----------
39
- --------------------------------------------------------------------------------
METAL PROCESSORS & FABRICATORS -- 0.1%
Precision Castparts 70 5
----------
5
- --------------------------------------------------------------------------------
NON-HAZARDOUS WASTE DISPOSAL -- 0.2%
WCA Waste* 1,705 16
----------
16
- --------------------------------------------------------------------------------
POWER CONVERSION/SUPPLY EQUIPMENT -- 0.2%
American Power Conversion 665 14
----------
14
- --------------------------------------------------------------------------------
TOOLS-HAND HELD -- 0.2%
Stanley Works 305 15
----------
15
- --------------------------------------------------------------------------------
WIRE & CABLE PRODUCTS -- 0.1%
General Cable* 615 7
----------
7
----------
TOTAL INDUSTRIAL (COST $368) 392
----------
- --------------------------------------------------------------------------------
SERVICES -- 3.1%
ADVERTISING AGENCIES -- 0.1%
Interpublic Group* 500 7
----------
7
- --------------------------------------------------------------------------------
ADVERTISING SERVICES -- 0.1%
Getty Images* 60 4
----------
4
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES -- 0.1%
Intersections* 435 7
Quanta Services* 320 2
----------
9
- --------------------------------------------------------------------------------
COMMERCIAL SERVICES-FINANCE -- 0.3%
H&R Block 498 24
Paychex 120 4
----------
28
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
COMPUTER SERVICES -- 0.5%
Affiliated Computer Services* 128 $ 7
Anteon International* 70 2
Cognizant Technology Solutions* 360 14
DST Systems* 50 2
Manhattan Associates* 890 20
----------
45
- --------------------------------------------------------------------------------
CONSULTING SERVICES -- 0.2%
Accenture, Cl A* 510 13
PDI* 165 3
UnitedGlobalCom* 340 4
----------
20
- --------------------------------------------------------------------------------
E-COMMERCE/SERVICES -- 0.4%
eBay* 340 28
Monster Worldwide* 120 4
Napster* 390 3
----------
35
- --------------------------------------------------------------------------------
HUMAN RESOURCES -- 0.1%
Manpower 80 4
Medical Staffing Network Holdings* 955 6
----------
10
- --------------------------------------------------------------------------------
PRIVATE CORRECTIONS -- 0.0%
Corrections Corp of America* 50 2
----------
2
- --------------------------------------------------------------------------------
RENTAL AUTO/EQUIPMENT -- 0.1%
Aaron Rents 200 4
Rent-A-Center* 200 5
----------
9
- --------------------------------------------------------------------------------
RESEARCH & DEVELOPMENT -- 0.4%
Parexel International* 800 19
Pharmaceutical Product Development* 100 4
PRA International* 550 13
----------
36
- --------------------------------------------------------------------------------
SCHOOLS -- 0.5%
Apollo Group* 460 36
Education Management* 70 2
Strayer Education 20 2
----------
40
- --------------------------------------------------------------------------------
SECURITY SERVICES -- 0.1%
Integrated Alarm Services Group* 1,395 7
----------
7
- --------------------------------------------------------------------------------
TELEPHONE-INTEGRATED -- 0.2%
SBC Communications 273 7
Sprint-FON Group* 129 3
Verizon Communications 254 9
----------
19
----------
TOTAL SERVICES (COST $273) 271
----------
- --------------------------------------------------------------------------------
58
<page>
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
TECHNOLOGY -- 12.0%
APPLICATIONS SOFTWARE -- 1.3%
Citrix Systems* 140 $ 3
Infosys Technologies 360 24
Intuit* 130 5
Microsoft 1,795 47
Pinnacle Systems* 1,150 5
Quest Software* 300 4
Satyam Computer Services* 230 6
Siebel Systems* 380 3
Wipro ADR 670 15
----------
112
- --------------------------------------------------------------------------------
B2B/E-COMMERCE -- 0.1%
webMethods* 1,300 7
----------
7
- --------------------------------------------------------------------------------
CELLULAR TELECOMMUNICATIONS -- 0.5%
Nextel Communications* 1,306 38
Nextel Partners* 100 2
NII Holdings* 94 5
----------
45
- --------------------------------------------------------------------------------
COMPUTER AIDED DESIGN -- 0.4%
Ansys* 150 5
Autodesk 740 22
Parametric Technology* 1,695 9
----------
36
- --------------------------------------------------------------------------------
COMPUTERS -- 1.2%
Apple Computer* 153 12
Dell* 996 42
Hewlett-Packard 58 1
International Business Machines 549 51
----------
106
- --------------------------------------------------------------------------------
COMPUTERS-INTEGRATED SYSTEMS -- 0.1%
MTS Systems 200 7
----------
7
- --------------------------------------------------------------------------------
COMPUTERS-MEMORY DEVICES -- 0.5%
EMC* 1,200 16
Network Appliance* 483 15
Quantum-DLT & Storage* 1,830 6
Western Digital* 675 7
----------
44
- --------------------------------------------------------------------------------
DATA PROCESSING/MANAGEMENT -- 0.3%
ChoicePoint* 20 1
Dun & Bradstreet* 20 1
MoneyGram International* 125 2
NAVTEQ* 50 2
SEI Investments 70 3
Veritas Software* 560 14
----------
23
- --------------------------------------------------------------------------------
DECISION SUPPORT SOFTWARE -- 0.1%
Cognos* 110 4
NetIQ* 675 8
----------
12
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
ELECTRONIC COMPONENTS-MISCELLANEOUS-- 0.4%
Celestica* 165 $ 2
CTS 540 7
Flextronics International* 1,060 15
Jabil Circuit* 184 5
NAM TAI Electronics 100 2
Sanmina-SCI* 490 3
Sypris Solutions 100 1
----------
35
- --------------------------------------------------------------------------------
ELECTRONIC COMPONENTS-SEMICONDUCTORS-- 1.4%
Broadcom* 760 24
DSP Group* 150 4
Integrated Silicon Solutions* 1,225 8
Intel 1,349 30
Intersil 130 2
MEMC Electronic Materials* 300 4
Nvidia* 345 8
QLogic* 250 10
Texas Instruments 528 12
Xilinx 480 14
Zoran* 505 5
----------
121
- --------------------------------------------------------------------------------
ELECTRONIC FORMS -- 0.0%
Adobe Systems 70 4
----------
4
- --------------------------------------------------------------------------------
ENTERPRISE SOFTWARE/SERVICES -- 0.5%
Ascential Software* 300 4
Informatica* 1,080 8
MicroStrategy* 20 2
Oracle* 1,340 19
Retek* 990 6
SAP* 210 8
----------
47
- --------------------------------------------------------------------------------
IDENTIFICATION SYSTEMS/DEVELOPMENT-- 0.0%
Fargo Electronics* 100 1
----------
1
- --------------------------------------------------------------------------------
INTERNET APPLICATION SOFTWARE -- 0.0%
Vignette* 1,915 2
----------
2
- --------------------------------------------------------------------------------
INTERNET INFRASTRUCTURE EQUIPMENT -- 0.1%
Avocent* 130 5
----------
5
- --------------------------------------------------------------------------------
INTERNET INFRASTRUCTURE SOFTWARE -- 0.0%
TIBCO Software* 280 3
----------
3
- --------------------------------------------------------------------------------
INTERNET SECURITY -- 0.4%
Symantec* 1,500 35
VeriSign* 130 3
----------
38
- --------------------------------------------------------------------------------
59
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
NETWORKING PRODUCTS -- 0.9%
Cisco Systems* 2,752 $ 50
Foundry Networks* 905 9
Juniper Networks* 510 13
Polycom* 170 3
----------
75
- --------------------------------------------------------------------------------
OFFICE AUTOMATION & EQUIPMENT -- 0.5%
Canon ADR* 700 37
Pitney Bowes 149 7
Xerox* 85 1
----------
45
- --------------------------------------------------------------------------------
SEMICONDUCTOR COMPONENTS-INTEGRATED CIRCUITS-- 0.5%
Emulex* 395 7
Integrated Circuit Systems* 105 2
Integrated Device Technology* 970 11
Maxim Integrated Products 80 3
Taiwan Semiconductor Manufacturing* 2,200 19
----------
42
- --------------------------------------------------------------------------------
SEMICONDUCTOR EQUIPMENT -- 0.2%
Applied Materials* 470 8
Brooks Automation* 355 5
----------
13
- --------------------------------------------------------------------------------
SOFTWARE TOOLS -- 0.1%
Borland Software* 1,020 9
----------
9
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT -- 0.2%
Adtran 65 1
Comtech Telecommunications* 50 2
Comverse Technology* 187 4
Lucent Technologies* 2,310 8
----------
15
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS SERVICES -- 0.6%
Amdocs* 530 16
Telecom Corp of New Zealand 8,049 35
----------
51
- --------------------------------------------------------------------------------
WEB HOSTING/DESIGN -- 0.1%
Macromedia* 144 5
----------
5
- --------------------------------------------------------------------------------
WEB PORTALS/ISP -- 0.7%
Google* 50 10
Yahoo!* 1,320 46
----------
56
- --------------------------------------------------------------------------------
WIRELESS EQUIPMENT -- 0.9%
Motorola 1,940 30
Qualcomm 1,361 51
----------
81
----------
TOTAL TECHNOLOGY (COST $1,030) 1,040
----------
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
TRANSPORTATION -- 1.0%
AIRLINES -- 0.1%
Skywest 290 $ 5
----------
5
- --------------------------------------------------------------------------------
TRANSPORT-MARINE -- 0.2%
CP Ships 450 6
General Maritime* 100 5
Kirby* 50 2
Overseas Shipholding Group 150 8
----------
21
- --------------------------------------------------------------------------------
TRANSPORT-SERVICES -- 0.3%
Expeditors International Washington 150 9
Offshore Logistics* 150 5
United Parcel Service 152 11
----------
25
- --------------------------------------------------------------------------------
TRANSPORT-TRUCK -- 0.1%
Celadon Group* 50 1
JB Hunt Transport Services 230 10
US Xpress Enterprises* 50 2
----------
13
- --------------------------------------------------------------------------------
TRANSPORTATION-RAIL -- 0.3%
Burlington Northern Santa Fe 486 23
----------
23
----------
TOTAL TRANSPORTATION (COST $80) 87
----------
- --------------------------------------------------------------------------------
UTILITIES -- 1.4%
ELECTRIC-INTEGRATED -- 1.1%
Alliant Energy 50 1
Duke Energy 504 14
Entergy 299 21
MGE Energy 300 11
OGE Energy 300 8
Public Service Enterprise Group 80 4
TXU 540 37
----------
96
- --------------------------------------------------------------------------------
ENERGY-ALTERNATE SOURCES -- 0.0%
Headwaters* 100 3
----------
3
- --------------------------------------------------------------------------------
GAS-DISTRIBUTION -- 0.2%
Energen 100 6
UGI 150 6
----------
12
- --------------------------------------------------------------------------------
POWER CONVERSION/SUPPLY EQUIPMENT -- 0.1%
American Electric Power 341 12
----------
12
----------
TOTAL UTILITIES (COST $109) 123
----------
TOTAL COMMON STOCK (COST $5,809) 6,057
----------
- --------------------------------------------------------------------------------
60
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
FOREIGN COMMON STOCK -- 22.1%
AUSTRALIA -- 2.0%
Australia & New Zealand Banking Group* 3,712 $ 59
BlueScope Steel 5,640 40
Commander Communications* 3,400 6
Insurance Australia Group 3,900 20
QBE Insurance Group 3,850 46
----------
TOTAL AUSTRALIA 171
----------
- --------------------------------------------------------------------------------
AUSTRIA -- 0.5%
Andritz* 300 24
Voestalpine 200 15
----------
TOTAL AUSTRIA 39
----------
- --------------------------------------------------------------------------------
BELGIUM -- 0.6%
Belgacom 170 7
Compagnie Maritime Belge 185 5
Dexia* 1,740 39
Euronav* 40 1
----------
TOTAL BELGIUM 52
----------
- --------------------------------------------------------------------------------
BERMUDA -- 0.1%
Renaissancere Holdings 150 8
----------
TOTAL BERMUDA 8
----------
- --------------------------------------------------------------------------------
BRAZIL -- 0.2%
Cia Brasileira de Distribuicao Grupo
Pao de Acucar ADR* 400 9
Tele Norte Leste Participacoes ADR* 800 11
----------
TOTAL BRAZIL 20
----------
- --------------------------------------------------------------------------------
CANADA -- 1.4%
Canadian Natural Resource 200 9
Encana 471 28
Goldcorp 450 6
Penn West Petroleum* 200 13
Petro-Canada 100 5
PetroKazakhstan, Cl A 800 29
Precision Drilling* 150 10
QLT* 590 10
Talisman Energy* 300 9
Telesystem International Wireless* 280 4
----------
TOTAL CANADA 123
----------
- --------------------------------------------------------------------------------
CHINA -- 0.2%
China Telecom ADR 500 19
----------
TOTAL CHINA 19
----------
- --------------------------------------------------------------------------------
FINLAND -- 0.1%
Elisa* 300 5
Rautaruukki* 600 6
----------
TOTAL FINLAND 11
----------
- --------------------------------------------------------------------------------
FRANCE -- 1.1%
BNP Paribas* 690 50
France Telecom* 580 18
Societe Generale* 200 20
Total* 50 11
----------
TOTAL FRANCE 99
----------
- --------------------------------------------------------------------------------
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
GERMANY -- 1.5%
Adidas-Salomon 37 $ 5
Allianz* 88 10
BASF* 113 8
Continental* 558 39
E.ON* 112 10
Muenchener Rueckversicherungs* 129 15
Schering* 604 41
----------
TOTAL GERMANY 128
----------
- --------------------------------------------------------------------------------
INDIA -- 0.4%
ICICI Bank ADR* 400 8
Reliance Industries GDR* 600 15
Tata Motors ADR* 1,200 14
----------
TOTAL INDIA 37
----------
- --------------------------------------------------------------------------------
INDONESIA -- 0.2%
Telekomunikasi Indonesia ADR 600 12
----------
TOTAL INDONESIA 12
----------
- --------------------------------------------------------------------------------
ITALY -- 0.4%
Banca Intesa* 5,600 26
Impregilo* 14,000 8
----------
TOTAL ITALY 34
----------
- --------------------------------------------------------------------------------
JAPAN -- 4.2%
Bank of Yokohama 1,000 6
Japan Tobacco 1 11
Kawasaki Kisen Kaisha 7,000 48
Mitsubishi 2,700 32
Mitsui OSK Lines 9,000 56
Mitsui Trust Holdings 1,000 11
Nippon Steel 21,600 53
Nippon Yusen Kabushiki Kaisha 7,000 39
Point 100 3
Santen Pharmaceutical 425 9
Seiko Epson 875 36
Sumisho Auto Leasing* 200 9
Toshiba TEC* 1,000 5
Toyota Tsusho* 3,000 46
----------
TOTAL JAPAN 364
----------
- --------------------------------------------------------------------------------
LUXEMBOURG -- 0.1%
Arcelor* 350 8
----------
TOTAL LUXEMBOURG 8
----------
- --------------------------------------------------------------------------------
MEXICO -- 0.3%
America Movil ADR* 200 10
Walmart de Mexico ADR 400 14
----------
TOTAL MEXICO 24
----------
- --------------------------------------------------------------------------------
MOROCCO -- 0.2%
Maroc Telecom* 1,700 17
----------
TOTAL MOROCCO 17
----------
- --------------------------------------------------------------------------------
NETHERLANDS -- 0.7%
CNH Global 300 6
ING Groep* 1,950 56
----------
TOTAL NETHERLANDS 62
----------
- --------------------------------------------------------------------------------
61
OLD MUTUAL ADVISOR FUNDS
SCHEDULE OF INVESTMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
OM ASSET ALLOCATION GROWTH PORTFOLIO
Market
Description Shares Value (000)
- --------------------------------------------------------------------------------
EW ZEALAND -- 0.5%
Fletcher Building 9,982 $ 46
----------
TOTAL NEW ZEALAND 46
----------
- --------------------------------------------------------------------------------
NORWAY -- 0.4%
Statoil* 2,460 37
----------
TOTAL NORWAY 37
----------
- --------------------------------------------------------------------------------
PERU -- 0.1%
Cia de Minas Buenaventura* 500 11
----------
TOTAL PERU 11
----------
- --------------------------------------------------------------------------------
PORTUGAL -- 0.1%
Energias de Portugal* 3,700 11
----------
TOTAL PORTUGAL 11
----------
- --------------------------------------------------------------------------------
RUSSIA -- 0.2%
Mobile Telesystems* 500 18
----------
TOTAL RUSSIA 18
----------
- --------------------------------------------------------------------------------
SOUTH AFRICA -- 0.3%
ABSA Group ADR 500 13
AngloGold ADR 300 10
----------
TOTAL SOUTH AFRICA 23
----------
- --------------------------------------------------------------------------------
SOUTH KOREA -- 0.2%
POSCO ADR* 300 13
----------
TOTAL SOUTH KOREA 13
----------
- --------------------------------------------------------------------------------
SPAIN -- 0.5%
Banco Bilbao Vizcaya Argentaria 820 14
Telefonica* 1,450 26
----------
TOTAL SPAIN 40
----------
- --------------------------------------------------------------------------------
SWEDEN -- 0.6%
TeliaSonera 9,200 52
----------
TOTAL SWEDEN 52
----------
- --------------------------------------------------------------------------------
SWITZERLAND -- 0.6%
Credit Suisse Group* 100 4
Xstrata 800 14
Zurich Financial Services* 210 35
----------
TOTAL SWITZERLAND 53
----------
- --------------------------------------------------------------------------------
THAILAND -- 0.4%
Advanced Info Services ADR 5,000 14
Shin ADR 5,000 23
----------
TOTAL THAILAND 37
----------
- --------------------------------------------------------------------------------
UNITED KINGDOM -- 4.0%
Alliance Unichem 2,000 28
AstraZeneca* 400 15
Aviva 600 7
Barclays* 600 7
Corus Group* 20,100 20
HBOS* 3,600 57
HSBC Holdings* 2,200 36
Imperial Tobacco Group ADR 375 20
International Power* 6,800 22
Next 561 17
Royal Bank of Scotland Group* 1,445 48
- --------------------------------------------------------------------------------
Shares/Face Market
Description Amount (000) Value (000)
- --------------------------------------------------------------------------------
UNITED KINGDOM -- CONTINUED
SABMiller 3,000 $ 46
Tesco 2,700 16
William Hill 800 9
----------
TOTAL UNITED KINGDOM 348
----------
TOTAL FOREIGN COMMON STOCK (COST $1,815) 1,917
----------
- --------------------------------------------------------------------------------
FOREIGN PREFERRED STOCK -- 0.6%
GERMANY -- 0.6%
Porsche* 70 46
ProSieben SAT.1 Media* 191 3
----------
TOTAL GERMANY 49
----------
TOTAL FOREIGN PREFERRED STOCK (COST $50) 49
----------
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 3.7%
Deutsche
2.480%, dated 01/31/05, to be repurchased
on 02/01/05, repurchase price $318,860
(collateralized by a U.S. Government
obligation with par value $327,000,
2.520%, 3/09/05; total market
value $326,183) (A) $319 319
----------
TOTAL REPURCHASE AGREEMENT (COST $319) 319
----------
TOTAL INVESTMENTS (96.2%) (COST $7,993) $ 8,342
----------
PERCENTAGES ARE BASED ON NET ASSETS OF $8,673,151.
* Non-income producing security.
(A) -- Tri-party repurchase agreement
ADR -- American Depositary Receipt
Cl -- Class
GDR -- Global Depositary Receipt
LLC -- Limited Liability Company
REITs -- Real Estate Investment Trusts
Cost figures are shown with "000's" omitted.
62
<page>
OLD MUTUAL ADVISOR FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (000) (UNAUDITED)
- --------------------------------------------------------------------------------
January 31, 2005
----------- ----------- ----------- -----------
OM OM OM OM
ASSET ASSET ASSET ASSET
ALLOCATION ALLOCATION ALLOCATION ALLOCATION
CONSERVATIVE BALANCED MODERATE GROWTH GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------- ----------- -----------
ASSETS:
Investment securities, at cost $ 9,083 $ 18,141 $ 11,286 $ 7,993
----------- ----------- ----------- -----------
Investment securities, at market value
(excluding Repurchase Agreements) $ 7,400 $ 16,114 $ 10,369 $ 8,023
Repurchase agreements, at market value 1,813 2,543 1,222 319
Foreign currency 1 4 3 5
Dividends and interest receivable 42 55 21 4
Receivable for capital shares sold 968 1,222 677 499
Receivable for investment securities sold 399 413 134 76
Deferred offering costs 23 52 29 24
Investment advisory fee reimbursement to fund 29 65 46 40
Prepaid expenses 30 31 29 29
----------- ----------- ----------- -----------
Total Assets 10,705 20,499 12,530 9,019
----------- ----------- ----------- -----------
LIABILITIES:
Payable for investment securities purchased 1,057 1,530 1,064 179
Payable for capital shares redeemed -- 95 -- --
Bank overdraft -- 15 7 --
Unrealized loss on forwards contracts 2 2 1 --
Payable to advisor for deferred offering costs 32 73 41 34
Payable for administrator fees 1 2 1 1
Payable for distribution fees 1 3 2 1
Accrued expenses 119 226 137 131
----------- ----------- ----------- -----------
Total Liabilities 1,212 1,946 1,253 346
----------- ----------- ----------- -----------
Net Assets $ 9,493 $ 18,553 $ 11,277 $ 8,673
----------- ----------- ----------- -----------
NET ASSETS:
Fund Shares1 $ 9,335 $ 17,957 $ 10,950 $ 8,281
Undistributed (Distributions in excess of)
Net Investment Income 4 3 (7) (8)
Accumulated net realized gain on investments 26 79 30 51
Net unrealized appreciation on investments 130 516 305 349
Net unrealized depreciation on foreign
currency transactions (2) (2) (1) --
----------- ----------- ----------- -----------
Net Assets $ 9,493 $ 18,553 $ 11,277 $ 8,673
----------- ----------- ----------- -----------
Outstanding shares of beneficial interest--
Institutional Class 487,351 1,006,075 532,748 519,513
Outstanding shares of beneficial interest--
Class A 325,592 426,163 280,577 155,736
Outstanding shares of beneficial interest--
Class C 109,538 333,532 249,253 128,518
Net Asset Value, Offering and Redemption
Price Per Share-- Institutional Class $ 10.30(a) $ 10.51(b) $ 10.62(c) $ 10.80(d)
----------- ----------- ----------- -----------
Net Asset Value and Redemption
Price Per Share-- Class A $ 10.29(a) $ 10.50(b) $ 10.61(c) $ 10.79(d)
----------- ----------- ----------- -----------
Maximum Offering
Price Per Share -- Class A
(Net Asset Value / 94.25%) $ 10.92 $ 11.14 $ 11.26 $ 11.45
----------- ----------- ----------- -----------
Net Asset Value and Offering
Price Per Share-- Class C $ 10.28(a) $ 10.49(b) $ 10.59(c) $ 10.76(d)
----------- ----------- ----------- -----------
1. Par Value of $0.001.
(a) Based on net assets of $5,017,499, $3,349,656 and $1,125,980 of
Institutional Class Shares, Class A Shares and Class C Shares,
respectively.
(b) Based on net assets of $10,576,792, $4,476,282 and $3,499,720 of
Institutional Class Shares, Class A Shares and Class C Shares,
respectively.
(c) Based on net assets of $5,659,975, $2,976,729 and $2,640,433 of
Institutional Class Shares, Class A Shares and Class C Shares, respectively
(d) Based on net assets of $5,609,114, $1,680,663 and $1,383,374 of
Institutional Class Shares, Class A Shares and Class C Shares,
respectively.
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
63
<page>
OLD MUTUAL ADVISOR FUNDS
STATEMENTS OF OPERATIONS (000) (UNAUDITED)
- --------------------------------------------------------------------------------
-------------------- -------------------- -------------------- --------------------
OM OM OM OM
ASSET ALLOCATION ASSET ALLOCATION ASSET ALLOCATION ASSET ALLOCATION
CONSERVATIVE BALANCED MODERATE GROWTH GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------------- -------------------- -------------------- --------------------
9/30/04* 9/30/04* 9/30/04* 9/30/04*
to to to to
1/31/05 1/31/05 1/31/05 1/31/05
-------------------- -------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends $ 38 $ 68 $ 30 $ 23
Interest 12 19 8 3
Less: Foreign Taxes Withheld -- (1) (1) (1)
----- ----- ----- -----
Total Investment Income 50 86 37 25
----- ----- ----- -----
EXPENSES:
Investment Advisory Fees 16 39 21 20
Trustees' Fees 10 20 10 10
Administration Fees 2 5 3 2
Distribution and Service Fees
Class A -- 1 1 --
Class C 1 4 3 2
Transfer Agent Fees 41 68 45 43
Professional Fees 29 66 36 33
Printing Fees 23 49 25 24
Registration and Filing Fees 18 20 19 18
Custodian Fees 17 24 23 23
Deferred Offering Costs (1) 9 21 11 11
Miscellaneous Expenses 36 70 42 40
----- ----- ----- -----
TOTAL EXPENSES 202 387 239 226
----- ----- ----- -----
Waiver of Investment Advisory Fees (16) (39) (21) (20)
Reimbursement of Other Expenses
from Adviser (161) (287) (184) (176)
----- ----- ----- -----
Net Expenses 25 61 34 30
----- ----- ----- -----
NET INVESTMENT INCOME (LOSS) 25 25 3 (5)
----- ----- ----- -----
Net Realized Gain from
Security Transactions 26 79 30 51
Net Realized Gain (Loss) on
Foreign Currency 1 5 (1) 4
Net Change in Unrealized Appreciation
on Investments 130 516 305 349
Net Change in Unrealized Depreciation
on Foreign Currency (2) (2) (1) --
----- ----- ----- -----
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS AND FOREIGN CURRENCY 155 598 333 404
----- ----- ----- -----
INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 180 $ 623 $ 336 $ 399
----- ----- ----- -----
(1) See Note 2 in Notes to Financial Statements.
* Commencement of operations.
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
64
<page>
OLD MUTUAL ADVISOR FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (000) (UNAUDITED)
- --------------------------------------------------------------------------------
-------------------- -------------------- -------------------- --------------------
OM OM OM OM
ASSET ALLOCATION ASSET ALLOCATION ASSET ALLOCATION ASSET ALLOCATION
CONSERVATIVE BALANCED MODERATE GROWTH GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------------- -------------------- -------------------- --------------------
9/30/04* 9/30/04* 9/30/04* 9/30/04*
to to to to
1/31/05 1/31/05 1/31/05 1/31/05
-------------------- -------------------- -------------------- --------------------
INVESTMENT ACTIVITIES:
Net Investment Income (Loss) $ 25 $ 25 $ 3 $ (5)
Net Realized Gain from Security and
Foreign Currency Transactions 27 84 29 55
Net Change in Unrealized Appreciation
on Investments and Foreign Currency 128 514 304 349
-------- -------- -------- --------
Net Increase in Net Assets Resulting
from Operations 180 623 336 399
-------- -------- -------- --------
DIVIDENDS TO SHAREHOLDERS FROM:
Net Investment Income
Institutional Class (19) (21) (6) (6)
Class A (2) (4) (3) (1)
Class C (1) (2) -- --
-------- -------- -------- --------
Total Dividends (22) (27) (9) (7)
-------- -------- -------- --------
CAPITAL SHARE TRANSACTIONS:
Institutional Class
Issued 4,857 10,054 5,355 5,222
Issued upon Reinvestment of Dividends 19 21 6 6
-------- -------- -------- --------
Total Institutional Class Transactions 4,876 10,075 5,361 5,228
-------- -------- -------- --------
Class A
Issued 3,339 4,507 3,537 1,779
Issued upon Reinvestment of Dividends 2 4 2 1
Redeemed -- (96) (576) (107)
-------- -------- -------- --------
Total Class A Transactions 3,341 4,415 2,963 1,673
-------- -------- -------- --------
Class C
Issued 1,117 3,533 2,626 1,380
Issued upon Reinvestment of Dividends 1 2 -- --
Redeemed -- (68) -- --
-------- -------- -------- --------
Total Class C Transactions 1,118 3,467 2,626 1,380
-------- -------- -------- --------
Increase in Net Assets Derived from
Capital Share Transactions 9,335 17,957 10,950 8,281
-------- -------- -------- --------
Total Increase in Net Assets 9,493 18,553 11,277 8,673
-------- -------- -------- --------
NET ASSETS:
Beginning of Period -- -- -- --
-------- -------- -------- --------
End of Period $ 9,493 $ 18,553 $ 11,277 $ 8,673
-------- -------- -------- --------
Undistributed (Distributions in
Excess of) Net Investment Income $ 4 $ 3 $ (7) $ (8)
-------- -------- -------- --------
SHARES ISSUED AND REDEEMED:
Institutional Class
Shares Issued 485 1,004 532 519
Shares Issued upon Reinvestment of Dividends 2 2 1 1
-------- -------- -------- --------
Total Institutional Class Share Transactions 487 1,006 533 520
-------- -------- -------- --------
Class A
Shares Issued 326 435 335 166
Shares Issued upon Reinvestment of Dividends -- -- -- --
Shares Redeemed -- (9) (54) (10)
-------- -------- -------- --------
Total Class A Share Transactions 326 426 281 156
-------- -------- -------- --------
Class C
Shares Issued 110 340 249 129
Shares Issued upon Reinvestment of Dividends -- -- -- --
Shares Redeemed -- (6) -- --
-------- -------- -------- --------
Total Class C Share Transactions 110 334 249 129
-------- -------- -------- --------
Net Increase in Shares Outstanding 923 1,766 1,063 805
-------- -------- -------- --------
* Commencement of operations.
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
65
<page>
OLD MUTUAL ADVISOR FUNDS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
For a Share Outstanding Throughout the Period Ended January 31, 2005 (UNAUDITED)
------------------------------------------- ------------------------------------------
OM ASSET ALLOCATION CONSERVATIVE PORTFOLIO OM ASSET ALLOCATION BALANCED PORTFOLIO
------------------------------------------- ------------------------------------------
INSTITUTIONAL INSTITUTIONAL
CLASS CLASS A CLASS C CLASS CLASS A CLASS C
----------------- ----------- ------------ --------------- ---------- ------------
2005* 2005* 2005* 2005* 2005* 2005*
----------------- ----------- ------------ --------------- ---------- ------------
Net Asset Value, Beginning of Period $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
--------- --------- --------- ---------- --------- ---------
Net Investment Income (Loss)** 0.05 0.04 0.02 0.02 0.02 (0.01)
Realized and Unrealized Gains
on Securities** 0.29 0.29 0.29 0.51 0.50 0.51
--------- --------- --------- ---------- --------- ---------
Total from Operations 0.34 0.33 0.31 0.53 0.52 0.50
--------- --------- --------- ---------- --------- ---------
Dividends from Net Investment Income (0.04) (0.04) (0.03) (0.02) (0.02) (0.01)
--------- --------- --------- ---------- --------- ---------
Total Dividends (0.04) (0.04) (0.03) (0.02) (0.02) (0.01)
--------- --------- --------- ---------- --------- ---------
Net Asset Value, End of Period $ 10.30 $ 10.29 $ 10.28 $ 10.51 $ 10.50 $ 10.49
--------- --------- --------- ---------- --------- ---------
Total Return+ 3.41% 3.28% 3.06% 5.31% 5.18% 5.02%
--------- --------- --------- ---------- --------- ---------
Net Assets, End of Period (000) $ 5,018 $ 3,350 $ 1,126 $ 10,577 $ 4,476 $ 3,500
--------- --------- --------- ---------- --------- ---------
Ratio of Expenses to Average Net Assets++ 1.25% 1.50% 2.25% 1.30% 1.55% 2.30%
Ratio of Net Investment Income (Loss)
to Average Net Assets++ 1.36% 1.14% 0.48% 0.70% 0.51% (0.28)%
Ratio of Expenses to Average Net Assets
(Excluding Waivers)++ 10.92% 8.14% 9.90% 9.11% 8.22% 8.82%
Portfolio Turnover Rate+ 90.56% 90.56% 90.56% 63.47% 63.47% 63.47%
* Fund commenced operations September 30, 2004.
** Per Share data was calculated using the Average Shares method.
+ Total return and portfolio turnover rate are not annualized.
++ Ratios for the period have been annualized.
The accompanying notes are an integral part of the financial statements.
66
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OLD MUTUAL ADVISOR FUNDS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
For a Share Outstanding Throughout the Period Ended January 31, 2005 (UNAUDITED)
--------------------------------------------- ------------------------------------------
OM ASSET ALLOCATION MODERATE GROWTH PORTFOLIO OM ASSET ALLOCATION GROWTH PORTFOLIO
--------------------------------------------- ------------------------------------------
INSTITUTIONAL INSTITUTIONAL
CLASS CLASS A CLASS C CLASS CLASS A CLASS C
----------------- ----------- ------------ --------------- ---------- ------------
2005* 2005* 2005* 2005* 2005* 2005*
----------------- ----------- ------------ --------------- ---------- ------------
Net Asset Value, Beginning of Period $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00 $ 10.00
--------- --------- --------- --------- --------- ---------
Net Investment Income (Loss)** 0.01 0.00 (0.03) 0.00 (0.01) (0.04)
Realized and Unrealized Gains
on Securities** 0.62 0.62 0.62 0.81 0.81 0.80
--------- --------- --------- --------- --------- ---------
Total from Operations 0.63 0.62 0.59 0.81 0.80 0.76
--------- --------- --------- --------- --------- ---------
Dividends from Net Investment Income (0.01) (0.01) -- (0.01) (0.01) --
--------- --------- --------- --------- --------- ---------
Total Dividends (0.01) (0.01) -- (0.01) (0.01) --
--------- --------- --------- --------- --------- ---------
Net Asset Value, End of Period $ 10.62 $ 10.61 $ 10.59 $ 10.80 $ 10.79 $ 10.76
--------- --------- --------- --------- --------- ---------
Total Return+ 6.32% 6.21% 5.94% 8.12% 8.00% 7.65%
--------- --------- --------- --------- --------- ---------
Net Assets, End of Period (000) $ 5,660 $ 2,977 $ 2,640 $ 5,609 $ 1,681 $ 1,383
--------- --------- --------- --------- --------- ---------
Ratio of Expenses to Average Net Assets++ 1.30% 1.55% 2.30% 1.35% 1.60% 2.35%
Ratio of Net Investment Income (Loss) to
Average Net Assets++ 0.32% 0.07% (0.72)% (0.02)% (0.40)% (1.21)%
Ratio of Expenses to Average Net Assets
(Excluding Waivers)++ 10.56% 8.98% 9.62% 11.02% 9.73% 10.30%
Portfolio Turnover Rate+ 47.02% 47.02% 47.02% 29.38% 29.38% 29.38%
* Fund commenced operations September 30, 2004.
** Per share data was calculated using the Average Shares method.
+ Total return and portfolio turnover rate are not annualized.
++ Ratios for the period have been annualized.
Amounts designated as "--" are either $0 or have been rounded to $0.
The accompanying notes are an integral part of the financial statements.
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OLD MUTUAL ADVISOR FUNDS
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
1. ORGANIZATION
Old Mutual Advisor Funds (the "Trust"), a Delaware statutory trust effective May
26, 2004, is registered under the Investment Company Act of 1940, as amended, as
an open-end management investment company. The Trust currently offers four
series portfolios, the OM Asset Allocation Conservative Portfolio, the OM Asset
Allocation Balanced Portfolio, the OM Asset Allocation Moderate Growth Portfolio
and the OM Asset Allocation Growth Portfolio (each a "Fund" and collectively the
"Funds"). Shareholders may purchase shares of the Funds through three separate
classes, Institutional Class, Class A and Class C shares, which have different
distribution costs, voting rights and dividends. Except for these differences,
each Class share of each Fund represents an equal proportionate interest in that
Fund. Each Fund is classified as a diversified management investment company.
The Trust's prospectus provides a description of each Fund's investment
objective, policies and investment strategies.
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 revenue and expenses during the reporting
period. Actual results could differ from those estimates.
SECURITY VALUATION -- Investment securities of the Funds that are listed on a
securities exchange, and for which market quotations are readily available, are
valued at the last quoted sales price at the close of trading on the New York
Stock Exchange (normally 4:00 p.m., Eastern Time). Investment securities of the
Funds that are quoted on a national market system are valued at the official
closing price, or if there is none, at the last sales price. If there is no such
reported sale, these securities and unlisted securities for which market
quotations are not readily available, are valued at the last bid price. However,
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.
Foreign securities may be valued based upon quotations from the primary market
in which they are traded, 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 by another method
that the Board of Trustees believes accurately reflects fair value.
OPTIONS AND FUTURES -- Options are valued at the last quoted sales price. If
there is no such reported sale on the valuation date, long positions are valued
at the most recent bid price, and short positions are valued at the most recent
ask price. Futures 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 and distributions to shareholders are recognized on the
ex-dividend date; interest income is recognized on the accrual basis and
includes amortization of premiums and accretion of discounts on investments.
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.
DIVIDENDS -- Dividends from net investment income for the Funds are declared at
least annually, if available. Distributions of net realized capital gains, for
each Fund, are generally made to shareholders 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.
TRI-PARTY REPURCHASE AGREEMENTS -- Securities pledged as collateral for
repurchase agreements are held by a third party custodian bank until the
respective agreements mature. Provisions of the repurchase agreements and
procedures adopted by the Funds' Board of Trustees require that the market value
of the collateral including accrued interest thereon, is sufficient in the event
of default by the counterparty. If the counterparty defaults and the value of
the collateral declines, or if the counterparty enters into insolvency
proceedings, realization of the collateral by a Fund may be delayed or limited.
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, which 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 TBA's) 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.
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. Each Fund engages in dollar
rolls for the purpose of enhancing its yield, principally by earning a
negotiated fee.
FOREIGN CURRENCY TRANSLATION -- The books and records of the Funds are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars on the following basis:
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OLD MUTUAL ADVISOR FUNDS
(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 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 Funds 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 bears 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.
OFFERING COSTS -- All offering costs incurred with the start up of the Funds are
being amortized on a straight line basis over a period of twelve months starting
with the commencement of the Trust's operations. As of January 31, 2005, the OM
Asset Allocation Conservative Portfolio, OM Asset Allocation Balanced Portfolio,
OM Asset Allocation Moderate Growth Portfolio and the OM Asset Allocation Growth
Portfolio had $23,353, $51,983, $29,329 and $23,552, respectively, remaining in
offering costs to be amortized.
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 12b-1,
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 Fund has 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 expenses shown in the Statement of
Operations are in total and do not reflect the expense reductions, if any, which
are shown separately.
All 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 for the
benefit of the remaining shareholders. As of January 31, 2005, there were no
redemption fees collected by the Funds.
3. INVESTMENT ADVISORY FEES, ADMINISTRATIVE FEES AND OTHER TRANSACTIONS WITH
AFFILIATES
The Funds and Old Mutual Capital, Inc. (the "Adviser"), an indirect,
wholly-owned subsidiary of Old Mutual plc, are parties to an Investment Advisory
Agreement (the "Advisory Agreement"). Under the terms of the Advisory Agreement,
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.
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NOTES TO FINANCIAL STATEMENTS -- Continued
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
For its services to the Funds, the Adviser will receive, on an annual basis, the
following management fees:
FUND MANAGEMENT FEE ASSET LEVEL
- --------------------------------------------------------------------------------
OM Asset Allocation 0.850% Less than $1 billion
Conservative Portfolio 0.825% From $1 billion to $2 billion
0.800% From $2 billion to $3 billion
0.775% Greater than $3 billion
OMAsset Allocation 0.900% Less than $1 billion
Balanced Portfolio and 0.875% From $1 billion to $2 billion
OM Asset Allocation 0.850% From $2 billion to $3 billion
Moderate Growth 0.825% Greater than $3 billion
Portfolio
OM Asset Allocation 0.950% Less than $1 billion
Growth Portfolio 0.925% From $1 billion to $2 billion
0.900% From $2 billion to $3 billion
0.875% Greater than $3 billion
In the interest of limiting expenses of the Funds, the Adviser has entered into
separate 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 September 7, 2006.
The expense limitations are as follows:
FUND INSTITUTIONAL CLASS CLASS A CLASS C
- --------------------------------------------------------------------------------
OM Asset Allocation
Conservative Portfolio 1.25% 1.50% 2.25%
OM Asset Allocation
Balanced Portfolio 1.30% 1.55% 2.30%
OM Asset Allocation
Moderate Growth
Portfolio 1.30% 1.55% 2.30%
OM Asset Allocation
Growth Portfolio 1.35% 1.60% 2.35%
Reimbursement by the Funds of the advisory fees waived and other expenses paid
by the Adviser pursuant to the Expense Limitation Agreement may be made at a
later date when the Funds have reached a sufficient asset size to permit
reimbursement to be made without causing the total annual expense rate of each
Fund to exceed the Expense Limitation. Consequently, no reimbursement by a Fund
will be made unless: (i) the Fund's assets exceed $75 million; (ii) the Fund's
total annual expense ratio is less than the Expense Limitation (excluding
certain other expenses such as brokerage commissions and extraordinary
expenses); and (iii) the payment of such reimbursement was approved by the Board
of Trustees on a quarterly basis. Moreover, in accordance with the terms of
agreements with the Adviser and the Administrator, whereby, to the extent that
the Adviser defers advisory fees or absorbs operating expenses of a Fund, the
Adviser may seek payment of such deferred fees or reimbursement of such absorbed
expenses within two fiscal years after the fiscal year in which fees were
deferred or expenses were absorbed, the actual expenses charged to the Funds may
exceed these limits.
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"). For the services provided and expenses
incurred pursuant to the Ibbotson Sub-Advisory Agreement for the Funds, Ibbotson
is entitled to receive from the Adviser a sub-advisory fee with respect to the
average daily net assets of such portion of the Funds managed by Ibbotson, which
is computed and paid monthly at an annual rate equal to the greater of (i) a
percentage of the portion of each Fund's average daily net assets so managed,
which will be 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, and (ii) $200,000.
The Trust, on behalf of each Fund, and the Adviser have entered into a
sub-advisory agreement (the "Acadian Sub-Advisory Agreement") with Acadian Asset
Management, Inc. ("Acadian"). For the services provided and expenses incurred
pursuant to the Acadian Sub-Advisory Agreement for the Funds, 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 Funds managed by Acadian, which
is computed and paid monthly at an annual rate of 0.45% of the average daily net
assets so managed.
The Trust, on behalf of each Fund, and the Adviser have entered into a
sub-advisory agreement (the "Analytic Sub-Advisory Agreement") with Analytic
Investors, Inc. ("Analytic"). For the services provided and expenses incurred
pursuant to the Analytic Sub-Advisory Agreement for the Funds, Analytic is
entitled to receive from the Adviser a sub-advisory fee with respect to the
average daily net assets of such portion of the Funds managed by Analytic, which
is computed and paid monthly at an annual rate of 0.35% of the average daily net
assets so managed.
The Trust, on behalf of each Fund, and the Adviser have entered into a
sub-advisory agreement (the "BHMS Sub-Advisory Agreement") with Barrow, Hanley,
Mewhinney & Strauss, Inc. ("Barrow, Hanley"). For the services provided and
expenses incurred pursuant to the BHMS Sub-Advisory Agreement for the Funds,
Barrow, Hanley is entitled to receive from the Adviser a sub-advisory fee with
respect to the average daily net assets of such portion of the Funds managed by
Barrow, Hanley, which is computed and paid monthly at an annual rate equal to a
percentage of the portion of each Fund's average daily net assets so managed,
which will be 0.15% for U.S. Intermediate Fixed Income, 0.15% for U.S. Core
Fixed Income, 0.35% for U.S. Large Cap Value, 0.45% for U.S. Mid Cap Value and
0.50% for U.S. Small Cap Value.
The Trust, on behalf of each Fund, and the Adviser have entered into a
sub-advisory agreement (the "Clay Finlay Sub-Advisory Agreement") with Clay
Finlay, Inc. ("Clay Finlay"). For the services provided and expenses incurred
pursuant to the Clay Finlay Sub-Advisory Agreement for the Funds, 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 Funds managed by Clay Finlay,
which is computed and paid monthly at an annual rate equal to a percentage of
the portion of each Fund's average daily net assets so managed, which will be
0.45% for International Large Cap Equity and 0.50% for Emerging Markets Equity.
The Trust, on behalf of each Fund, and the Adviser have entered into a
sub-advisory agreement (the "Dwight Sub-Advisory Agreement") with Dwight Asset
Management Company ("Dwight"). For the services provided and expenses incurred
pursuant to the Dwight Sub-Advisory Agreement for the Funds, Dwight is entitled
to receive from the Adviser a sub-advisory fee with respect to the average daily
net assets of such portion of the Funds managed by Dwight, which is computed and
paid monthly at an annual rate equal to a percentage of the portion of each
Fund's average daily net assets so managed, which will be 0.10% for Cash
Management, 0.15% for U.S. Intermediate Fixed Income, 0.15% for U.S. Core Fixed
Income and 0.25% for U.S. High Yield Fixed Income.
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The Trust, on behalf of each Fund, and the Adviser have entered into a
sub-advisory agreement, as amended (the "Heitman Sub-Advisory Agreement") with
Heitman Real Estate Securities LLC ("Heitman"). For the services provided and
expenses incurred pursuant to the Heitman Sub-Advisory Agreement for the Funds,
Heitman is entitled to receive from the Adviser a sub-advisory fee with respect
to the average daily net assets of such portion of the Funds managed by Heitman,
which is computed and paid monthly at an annual rate of 0.40% of the average
daily net assets so managed.
The Trust, on behalf of each Fund, and the Adviser have entered into a
sub-advisory agreement (the "LRC Sub-Advisory Agreement") with Liberty Ridge
Capital, Inc. ("Liberty Ridge"). Prior to October 1, 2004, Liberty Ridge was
known as Pilgrim Baxter & Associates, Ltd. ("Pilgrim Baxter"). For the services
provided and expenses incurred pursuant to the LRC Sub-Advisory Agreement for
the Funds, Liberty Ridge is entitled to receive from the Adviser a sub-advisory
fee with respect to the average daily net assets of such portion of the Funds
managed by Liberty Ridge, which is computed and paid monthly at an annual rate
equal to a percentage of the portion of each Fund's average daily net assets so
managed, which will be 0.35% for U.S. Large Cap Growth, 0.35% for U.S. Large Cap
Blend, 0.40% for All Cap Blend, 0.45% for U.S. Mid Cap Equity, 0.45% for U.S.
Mid Cap Growth, 0.50% for U.S. Small Cap Growth and 0.50% for U.S. Small Cap
Blend.
The Trust, on behalf of each Fund, and the Adviser have entered into a
sub-advisory agreement (the "Provident Sub-Advisory Agreement") with Provident
Investment Counsel ("Provident"). For the services provided and expenses
incurred pursuant to the Provident Sub-Advisory Agreement for the Funds,
Provident is entitled to receive from the Adviser a sub-advisory fee with
respect to the average daily net assets of such portion of the Funds managed by
Provident, which is computed and paid monthly at an annual rate equal to a
percentage of the portion of each Fund's average daily net assets so managed,
which will be 0.35% for U.S. Large Cap Growth and 0.45% for U.S. Mid Cap Growth.
The Trust, on behalf of each Fund, and the Adviser have entered into a
sub-advisory agreement (the "Rogge Sub-Advisory Agreement") with Rogge Global
Partners PLC ("Rogge"). For the services provided and expenses incurred pursuant
to the Rogge Sub-Advisory Agreement for the Funds, Rogge is entitled to receive
from the Adviser a sub-advisory fee with respect to the average daily net assets
of such portion of the Funds managed by Rogge, which is computed and paid
monthly at an annual rate of 0.25% of the average daily net assets so managed.
The Trust, on behalf of each Fund, and the Adviser have entered into a
sub-advisory agreement (the "Sirach Sub-Advisory Agreement") with Sirach Capital
Management, Inc. ("Sirach"). For the services provided and expenses incurred
pursuant to the Sirach Sub-Advisory Agreement for the Funds, Sirach is entitled
to receive from the Adviser a sub-advisory fee with respect to the average daily
net assets of such portion of the Funds managed by Sirach, which is computed and
paid monthly at an annual rate equal to a percentage of the portion of each
Fund's average daily net assets so managed, which will be 0.35% for U.S. Large
Cap Growth, 0.45% for U.S. Mid Cap Equity and 0.50% for U.S. Small Cap Growth.
Sirach ceased investment operations in December 2004.
The Trust, on behalf of each Fund, and the Adviser have entered into a
sub-advisory agreement (the "TS&W Sub-Advisory Agreement") with Thompson, Siegel
& Walmsley, Inc. ("TS&W"). For the services provided and expenses incurred
pursuant to the TS&W Sub-Advisory Agreement for the Funds, TS&W is entitled to
receive from the Adviser a sub-advisory fee with respect to the average daily
net assets of such portion of the Funds managed by TS&W, which is computed and
paid monthly at an annual rate equal to a percentage of the portion of each
Fund's average daily net assets so managed, which will be 0.35% for U.S. Large
Cap Value, 0.40% for U.S. All Cap Value, 0.45% for U.S. Mid Cap Value, 0.475%
for U.S. Small/Mid Cap Value and 0.50% for U.S. Small Cap Value.
Each Sub-Advisory Agreement obligates the Sub-Adviser, other than Ibbotson, 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 Prospectus or as the Board of Trustees or
the Adviser may direct from time to time, in conformity with federal securities
laws. The Ibbotson Sub-Advisory Agreement obligates Ibbotson to: (i) serve as
the strategic asset allocation consultant and sub-adviser to the Adviser for
investment model creation and maintenance of each Fund, consistent with the
selection of Sub-Advisers, based upon Ibbotson's recommendations related to
appropriate market sectors and investment strategies; (ii) recommend a
continuous investment allocation program for each Fund in accordance with each
Fund's respective investment objectives, policies and restrictions as stated in
such Fund's prospectus; and (iii) monitor and make recommendations to the
Adviser regarding possible changes to the Sub-Advisers and their investment
strategies.
The Trust and Old Mutual Fund Services (the "Administrator") entered into the
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. Under the Administrative Agreement, the Administrator
is entitled to a fee from the Trust, which is calculated daily and paid monthly
at an annual rate of 0.123% of the average daily net assets of each series
portfolio of the Trust, including the Funds. 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 Administrator and SEI Investments Global Funds Services (the
"Sub-Administrator") entered into a Sub-Administrative Services Agreement (the
"Sub-Administrative Agreement"), pursuant to which the Sub-Administrator assists
the Administrator in connection with the administration of the business and
affairs of the Trust. SEI Investments Management Corporation ("SEI
Investments"), which is a wholly-owned subsidiary of SEI Investments Company,
owns all beneficial interest in the Sub-Administrator. Under the
Sub-Administrative Agreement, the Administrator pays the Sub-Administrator fees
at an annual rate calculated as follows: the greater sum (higher value) which
results from making the following calculations (A) a fee based on the average
daily net assets of the Trust and the PBHG Funds and the PBHG Insurance Series
Fund of: (i) 0.0165% of the first $10 billion, plus (ii) 0.0125% of the next $10
billion, plus (iii) 0.010% of the excess over $20 billion and (B) a fee based on
the aggregate number of Funds of the Trust, PBHG Funds and PBHG Insurance Series
Fund calculated at the sum of
71
<page>
OLD MUTUAL ADVISOR FUNDS
NOTES TO FINANCIAL STATEMENTS -- Continued
- --------------------------------------------------------------------------------
As of January 31, 2005 (UNAUDITED)
between $50,000 and $60,000 per Fund, depending on the total number of funds.
The Agreement provides that the Sub-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 Agreement relates, except a loss
resulting from willful misfeasance, bad faith or negligence on the part of the
Sub-Administrator in the performance of its duties. The Agreement will continue
in effect until August 31, 2005, subject to certain termination provisions.
After this initial term, the Agreement will renew each year unless terminated by
either party upon not less than 90 days' prior written notice to the other
party.
Old Mutual Investment Partners (the "Distributor"), an indirect, wholly-owned
subsidiary of Old Mutual (US) Holdings Inc. ("OMUSH"), 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 60 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 a 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 a 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 Plan 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 this 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
distributor fees and Class C shares are authorized to pay the maximum amount of
distributor 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 of
Trustees of the Trust on a regular basis (at least quarterly) setting forth the
payments made pursuant to the Distribution Plans and the Service Plan, and the
purposes for which such expenditures were made, as well as any supplemental
reports as the Board of Trustees may from time to time reasonably request.
Except to the extent that the Administrator, Sub-Administrator or Adviser 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 had 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 four
months ended January 31, 2005, it retained the following:
DISTRIBUTION
SERVICE FEES FEES
----------------------- ---------
CLASS A CLASS C CLASS C
------ ------- -------
OM Asset Allocation
Conservative Portfolio $400 $203 $ 610
OM Asset Allocation
Balanced Portfolio 340 933 2,800
OM Asset Allocation
Moderate Growth Portfolio 530 660 1,979
OM Asset Allocation
Growth Portfolio 376 403 1,208
DST Systems, Inc. serves as the transfer agent and dividend disbursing agent of
the Fund. From time to time, the Fund 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.
Wachovia Bank, National Association serves as the custodian for each of the
Funds.
The Funds have entered into a shareholder servicing agreement with Old Mutual
Fund Services to provide shareholder support and other shareholder
account-related services. Old Mutual Fund Services has, in turn, contracted with
Old Mutual Shareholder Services, Inc. (formerly known as PBHG Shareholder
Services, Inc.), ("OMSS"), its wholly-owned subsidiary, to assist in the
provision of those services. OMSS received no fees directly from the Funds. The
shareholder service fees are reviewed periodically and approved annually by the
Board of Trustees.
Shareholder service fees (including out of pocket expenses) and 12b-l fees paid
to Old Mutual Fund Services for the four months ended January 31, 2005 were as
follows:
OM Asset Allocation Conservative Portfolio $1,232
OM Asset Allocation Balanced Portfolio 5,021
OM Asset Allocation Moderate Growth Portfolio 3,575
OM Asset Allocation Growth Portfolio 2,127
On September 14, 2004, the Board of Trustees approved an agreement between the
Funds and Old Mutual Fund Services to provide shareholder related web
development and maintenance services. For its services over the four months
ended January 31, 2005, Old Mutual Fund Services received a fee of $113,250,
which was allocated to each fund quarterly based on average net assets.
Officers and trustees of the Funds who are or were officers of the Adviser,
Administrator, Sub-Administrator and the Distributor received no compensation
from the Funds.
72
<page>
OLD MUTUAL ADVISOR FUNDS
4. INTERFUND LENDING
Pursuant to resolutions adopted by the Boards of Trustees of each of Old Mutual
Advisor Funds, PBHG Funds and PBHG Insurance Series Fund (together, the
"Trusts"), on behalf of each series portfolio of the Trusts (the "Funds"), each
of the Funds may lend an amount up to its prospectus-defined limitations to
other 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 and Liberty Ridge Capital, Inc.
The interest rate charged on the loan is the average of the overnight repurchase
agreement rate (highest rate available to the Funds from investments in
overnight repurchase agreements) and the bank loan rate (Federal Funds Rate plus
50 basis points).None of the Funds may borrow more than 10% of its assets.
The Funds had no outstanding borrowings or loans under the Interfund lending
agreement at January 31, 2005 or at any time during the four months ended
January 31, 2005.
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 four months
ended January 31, 2005 were as follows:
SALES AND
PURCHASES (000) MATURITIES (000)
------------------ ----------------
OM Asset Allocation
Conservative Portfolio $ 5,146 $1,173
OM Asset Allocation
Balanced Portfolio 15,010 3,457
OM Asset Allocation Moderate
Growth Portfolio 10,443 1,990
OM Asset Allocation
Growth Portfolio 9,512 1,888
During the four months ended January 31, 2005, the OM Asset Allocation
Conservative Fund, the OM Asset Allocation Balanced Fund, and the OM Asset
Allocation Moderate Growth Fund purchased U.S. Government Securities (000) of
$5,185, $6,385 and $2,447, respectively and received proceeds from the sale and
maturities of U.S. Government Securities (000) of $2,982, $3,875 and $1,348,
respectively.
6. 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.
7. FEDERAL TAX INFORMATION
Each Fund has qualified and intends to continue to qualify as a regulated
investment company for Federal income tax purposes and to distribute
substantially all of its taxable income and net capital gains. Accordingly, no
provision has been made for Federal income taxes.
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.
The Federal tax cost, aggregate gross unrealized appreciation and depreciation
of securities held by each Fund at January 31, 2005 were as follows:
NET
FEDERAL UNREALIZED UNREALIZED UNREALIZED
TAX COST APPRECIATION DEPRECIATION APPRECIATION
(000) (000) (000) (000)
-------- ------------ ------------ ------------
OM Asset Allocation
Conservative Portfolio $ 9,083 $166 $(36) $130
OM Asset Allocation
Balanced Portfolio 18,141 637 (121) 516
OM Asset Allocation
Moderate Growth
Portfolio 11,286 414 (109) 305
OM Asset Allocation
Growth Portfolio 7,993 456 (107) 349
73
<page>
OLD MUTUAL ADVISOR FUNDS
OLD MUTUAL ADVISOR FUNDS SECURITY PROXY VOTING GUIDELINES (unaudited)
- --------------------------------------------------------------------------------
A description of the guidelines that the Fund or the Fund's investment
adviser/sub-advisers use to vote proxies relating to portfolio securities is
available without charge (i) upon request, by calling 800-744-5050; (ii) on the
Fund's website at http://www.OMAdvisorFunds.com; and (iii) on the Commission's
website at http://www.sec.gov; and beginning no later than August 31, 2004,
information regarding how the Fund voted proxies relating to portfolio
securities during the most recent 9-month period ended June 30, 2005 will be
available without charge (i) through the Fund's website at
http://www.OMAdvisorFunds.com; and (ii) on the Commission's website at
http://www.sec.gov.
The Trust files its complete schedule of portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year on
Form N-Q within 60 days after the end of the period. The Trust's Forms N-Q is
available on the Commission's website at http://www.sec.gov, and may be reviewed
and copied at the Commission's Public Reference Room in Washington D.C.
Information on the operation of the Public Reference Room may be obtained by
calling 1-800-SEC-0330.
74
<page>
OLD MUTUAL ADVISOR FUNDS
TRUSTEES AND OFFICERS OF THE TRUST (unaudited)
- --------------------------------------------------------------------------------
As of January 31, 2005
The management and affairs of the Trust are supervised by the Trustees under
the laws of the State of Delaware. The Trustees have approved contracts under
which, as described above, certain companies provide essential management
services to the Trust. The Trustees and executive officers of the Trust and the
principal occupations for the last five years are set forth below. Each may
have held other positions with the named companies during that period. The
address for each of the Trustees and executive officers of the Trust is 4643
South Ulster Street, Suite 600, Denver, Colorado 80237.
- --------------------------------------------------------------------------------
INDEPENDENT TRUSTEES
- --------------------------------------------------------------------------------
NUMBER OF FUNDS IN
TERM OF OFFICE* AND PRINCIPAL THE OLD MUTUAL FUND
POSITION(S) HELD LENGTH OF TIME OCCUPATION(S) DURING COMPLEX OVERSEEN BY OTHER DIRECTORSHIPS
NAME AND AGE WITH THE TRUST SERVED PAST 5 YEARS TRUSTEE HELD BY TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
John R. Bartholdson Trustee Trustee since 2004 Chief Financial 30 The Triumph Group,
(Age: 59) Officer, The Triumph Inc., PBHG Funds and
Group, Inc. PBHG Insurance
(manufacturing). Series Fund, ING
Clarion Real Estate
Income Fund and IN
Clarion Global Rea
Estate Income Fund
- ------------------------------------------------------------------------------------------------------------------------------------
Robert M. Hamje Trustee Trustee since 2004 TRW Investment 4 TS&W/Claymore
(Age: 62) Management Company Tax-Advantaged
(investment Balanced Fund.
management).
- ------------------------------------------------------------------------------------------------------------------------------------
Jarrett B. Kling Trustee Trustee since 2004 Managing Director, 4 Hirtle Callaghan
(Age: 61) ING Clarion Real Trust; ING Clarion
Estate Securities Real Estate Income
(investment Fund, ING Clarion
adviser). Global Real Estate
Income Fund, ING
Clarion.
- ------------------------------------------------------------------------------------------------------------------------------------
L. Kent Moore (Age: Chairman of Trustee since 2004 President, Eagle 4 TS&W/Claymore
48) the Board River Ventures, LLC Tax-Advantaged
and Trustee (private investment Balanced Fund.
fund); Portfolio
Manager, Janus
Capital (money
management).
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
David J. Bullock** Trustee Trustee since 2004 President and Chief 4 Liberty Ridge
(Age: 48) Executive Officer, Capital, Old Mutual
Old Mutual Capital, Investment Partners,
Inc., since 2004. Old Mutual Fund
President and Services, and Old
Director, Liberty Mutual Shareholder
Ridge Capital since Services, Inc.
July 2003. Chief
Executive Officer,
Liberty Ridge
Capital; Trustee,
Old Mutual
Investment Partners,
and Old Mutual Fund
Services and
Director Old Mutual
Shareholder
Services, Inc. since
November 2003.
President, PBHG
Funds and PBHG
Insurance Series
Fund, both since
November 2003. Chief
Operating Officer,
Liberty Ridge
Capital July 2003 -
March 2004.
President and Chief
Executive Officer,
Transamerica
Capital, Inc.
1998-2003.
- ------------------------------------------------------------------------------------------------------------------------------------
* Trustee of the Trust until such time as his or her successor is duly
elected and appointed.
** Mr. Bullock is a Trustee who may be deemed to be an "interested person" of
the Trust, as that term is defined in the 1940 Act, because he is a
Director of the Adviser.
75
<page>
OLD MUTUAL ADVISOR FUNDS
TRUSTEES AND OFFICERS OF THE TRUST (unaudited)
- --------------------------------------------------------------------------------
As of January 31, 2005
- --------------------------------------------------------------------------------
OFFICERS
- --------------------------------------------------------------------------------
TERM OF OFFICE* AND PRINCIPAL
POSITION(S) HELD LENGTH OF TIME OCCUPATION(S) DURING
NAME AND AGE WITH THE TRUST SERVED PAST 5 YEARS
- -------------------------------------------------------------------------------------------------------------------------
David J. Bullock President and Chief Since 2004 President and Chief Executive Officer,
(Age: 48) Executive Officer Old Mutual Capital, Inc., since 2004.
President and Director Liberty Ridge
Capital since July 2003. Chief Executive
Officer, Liberty Ridge Capital; Trustee,
Old Mutual Investment Partners and Old
Mutual Fund Services, and Director Old
Mutual Shareholder Services, Inc. since
November 2003. President, PBHG Funds and
PBHG Insurance Series Fund, both since
November 2003. Chief Operating Officer,
Liberty Ridge Capital July 2003 - March
2004. President and Chief Executive
Officer, Transamerica Capital, Inc.
1998-2003.
- -------------------------------------------------------------------------------------------------------------------------
Mark E. Black (Age: Treasurer, Chief Since 2005 Executive Vice President, Chief
44) Financial Officer, Financial Officer, Chief Administrative
Controller Officer, Treasurer and Investment
Committee Member, Old Mutual Capital,
Inc., since 2004; Chief Financial
Officer and Chief Administrative
Officer, Old Mutual Investment Partners
since 2004; President, Chief Financial
Officer and Treasurer, Old Mutual Fund
Services since 2004; and President,
Chief Financial Officer and Treasurer,
Old Mutual Shareholder Services, Inc.
since 2004, Chief Financial Officer,
Transamerica Capital, Inc. from
2000-2004, Chief Financial Officer,
Coldwell Banker (real estate firm) from
1996-2000.
- -------------------------------------------------------------------------------------------------------------------------
John M. Zerr (Age: Vice President and Since 2004 Executive Vice President, Secretary and
42) Secretary General Counsel of Old Mutual Capital,
Inc., Chief Operating Officer, Liberty
Ridge Capital since March 2004. Senior
Vice President, Liberty Ridge Capital,
since January 2001. General Counsel and
Secretary, Liberty Ridge Capital, since
January 2001. General Counsel and
Secretary, Liberty Ridge Capital, since
November 1996. Vice President and
Secretary, PBHG Funds and PBHG Insurance
Series Fund, both since March 1997.
General Counsel and Secretary, Pilgrim
Baxter Value Investors, Inc., 1996-2002.
General Counsel and Secretary, Old
Mutual Shareholder Services, Inc., since
June 2001. General Counsel and
Secretary, Old Mutual Fund Services and
Old Mutual Investment Partners since
January 1998.
- -------------------------------------------------------------------------------------------------------------------------
Brian C. Dillon Vice President Since 2004 Chief Compliance Officer, Old Mutual
(Age: 41) Capital, Inc. Vice President and Chief
Compliance Officer, Liberty Ridge
Capital since April 2001. Chief
Compliance Officer Old Mutual Fund
Services and Old Mutual Shareholder
Services, Inc. and Registered Principal,
Old Mutual Investment Partners since
April 2001. Vice President, PBHG Funds
and PBHG Insurance Series Fund, both
since April 2001. Chief Compliance
Officer, Pilgrim Baxter Value Investors,
Inc., 2001-2002. Chief Compliance
Officer, Pilgrim Baxter Private Equity
Advisor, 2001-2003. Vice President and
Deputy Compliance Director, Delaware
Investments, 1995-2001.
- -------------------------------------------------------------------------------------------------------------------------
76
<page>
OLD MUTUAL ADVISOR FUNDS
TRUSTEES AND OFFICERS OF THE TRUST (unaudited)
- --------------------------------------------------------------------------------
As of January 31, 2005
- --------------------------------------------------------------------------------
OFFICERS (CONTINUED)
- --------------------------------------------------------------------------------
TERM OF OFFICE* AND PRINCIPAL
POSITION(S) HELD LENGTH OF TIME OCCUPATION(S) DURING
NAME AND AGE WITH THE TRUST SERVED PAST 5 YEARS
- ------------------------------------------------------------------------------------------------------------------------
Robert E. Putney, Vice President and Since 2004 Deputy General Counsel, Senior Vice
III (Age: 44) Assistant Secretary President and Assistant Secretary, Old
Mutual Capital, Inc., since 2004. Vice
President, Deputy General Counsel and
Assistant Secretary, Liberty Ridge
Capital since 2004; Senior Vice
President, Deputy General Counsel and
Assistant Secretary, Old Mutual
Investment Partners, Old Mutual
Shareholder Services, Inc. and Old
Mutual Fund Services since 2004. Vice
President and Assistant Secretary, PBHG
Funds and PBHG Insurance Series Fund,
both since March 2002. Vice President,
Senior Legal Counsel and Assistant
Secretary, Liberty Ridge Capital, Old
Mutual Investment Partners and Old
Mutual Fund Services 2001-2004. Senior
Counsel and Assistant Secretary, Pilgrim
Baxter Value Investors, Inc., 2001-2002.
Director and Senior Counsel, Merrill
Lynch Investment Managers, L.P. and
Princeton Administrators, L.P. from
September 1997 until December 2001 and
holding various other positions with
these companies from 1991 to 1997;
Secretary of various Merrill Lynch and
Mercury open-end funds, as well as
Somerset Exchange Fund and The Europe
Fund, Inc., until December 2001.
- ------------------------------------------------------------------------------------------------------------------------
Stephen F. Panner Assistant Treasurer Since 2004 Fund Administration Manager, Old Mutual
(Age: 34) Fund Services and Liberty Ridge Capital
since February 2000; Chief Financial
Officer, Treasurer and Controller, PBHG
Funds and PBHG Insurance Series Fund,
both since January 2005. Assistant
Treasurer, PBHG Funds and PBHG Insurance
Series Fund, both 2000-2005. Fund
Accounting Manager, SEI Investments
Mutual Funds Services, 1997-2000.
- ------------------------------------------------------------------------------------------------------------------------
William P. Schanne Assistant Treasurer Since 2004 Fund Administration Associate, Old
(Age: 32) Mutual Fund Services and Liberty Ridge
Capital since August 2001. Assistant
Treasurer, PBHG Funds and PBHG Insurance
Series Fund, both since December 2001.
Fund Accounting Supervisor, PFPC, Inc.,
1999-2001. Fund Accountant, PFPC, Inc.,
1998-1999.
- ------------------------------------------------------------------------------------------------------------------------
Michael E. Dresnin Assistant Secretary Since 2004 Assistant Vice President, Legal Counsel
(Age: 32) and Assistant Secretary for Liberty
Ridge Capital, Old Mutual Investment
Partners, Old Mutual Fund Services and
Old Mutual Shareholder Services, Inc.
since 2004; Assistant Secretary of PBHG
Insurance Series Fund and PBHG Funds
since 2005. Associate from 1998 to 2004,
Drinker Biddle & Reath LLP (law firm).
- ------------------------------------------------------------------------------------------------------------------------
* Officer of the Trust until such time as his or her successor is duly elected
and qualified.
77
<page>
This semi-annual report is intended for the information of Old Mutual
AdvisorFunds shareholders, but may be used with prospective investors when
preceded or accompanied by a current prospectus. Portfolios described in this
report are part of the Old Mutual AdvisorFunds. Investors should carefully
consider the investment objectives, risks, charges and expenses before
investing. Please call 1.888.744.5050 for a free prospectus that contains this
and other important information. Read the prospectus carefully before investing.
There can be no assurance that any fund will be able to achieve its investment
objectives. The figures in this report represent past results which are not a
guarantee of future results. The performance data shown represents past
performance, which is not a guarantee of future results. Investment returns and
principal value will fluctuate so that investors' shares, when sold, may be
worth more or less than their original cost. Current performance data, which may
be lower or higher than that shown, is available by calling 1.888.744.5050 or
online at www.OMAdvisorFunds.com. Managers' comments are as of January 31, 2005,
are subject to change, and may not reflect their current views. This material
represents the managers' assessment of their portfolios and market environment
at a specific point in time and should not be relied upon by the reader as
research or investment advice regarding the Funds or any stock in particular.
The purchase and sale information provided should not be construed as a
recommendation to purchase or sell a particular security. There is no assurance,
as of the date of publication of this material, that the securities purchased
remain in the portfolio or that securities sold have not been repurchased.
Additionally, it is noted that the securities purchased do not represent the
Fund's entire portfolio and in the aggregate may represent a small percentage of
a Fund's portfolio.
OLD MUTUAL ADVISOR FUNDS
INVESTMENT ADVISER
Old Mutual Capital, Inc.
4643 South Ulster Street, Suite 600
Denver, CO 80237
DISTRIBUTOR
Old Mutual Investment Partners
4643 South Ulster Street, Suite 600
Denver, CO 80237
Website: www.OMAdvisorFunds.com
Shareholder Services: 888.744.5050
Investment Professionals: 888.772.2888
SAR-PP-03/05
Item 2. Code of Ethics.
Not applicable for semi-annual report.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual report.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Not applicable to open-end management investment companies.
Item 6. Schedule of Investments.
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable. Effective for closed-end management investment companies for
fiscal years ending on or after December 31, 2005
Item 9. Purchases of Equity Securities by Closed-End Management Company and
Affiliated Purchasers.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
During the semi-annual period, the Registrant adopted procedures by which
shareholders may recommend nominees to the Registrant's Board of Trustees. The
procedures are as follows:
Old Mutual Advisor Funds' (the "Trust") Governance and Nominating Committee (the
"Committee") shall consider nominees recommended in writing by a shareholder
(other than shareholder recommendations of himself or herself) to serve as
trustees, provided: (i) that such person is a shareholder of one or more series
of the Trust at the time he or she submits such names and is entitled to vote at
the meeting of shareholders at which trustees will be elected; and (ii) that the
Committee or the Board of Trustees, as applicable, shall make the final
determination of persons to be nominated. The Committee shall evaluate nominees
recommended by a shareholder to serve as trustees in the same manner as they
evaluate nominees identified by the Committee.
A shareholder who desires to recommend a nominee shall submit a request in
writing according to the Trust's then applicable Shareholder Communication
Procedures, which will be accessible through the Trust's website. Such request
shall contain (i) the name, address and telephone number of, and number of Trust
shares owned by, the person or entity or group of persons or entities on whose
behalf the recommendation is being made, and the related account name, number
and broker or account provider name and (ii) if any of such persons were not
record owners of the Trust at the time the recommendation was submitted,
verification acceptable in form and substance to the Trust of such person's
ownership of the Trust at the time the recommendation was made.
Item 11. Controls and Procedures.
(a) The certifying officers, whose certifications are included herewith, have
evaluated the registrant's disclosure controls and procedures within 90 days of
the filing date of this report. In their opinion, based on their evaluation, the
registrant's disclosure controls and procedures are adequately designed, and are
operating effectively to ensure, that information required to be disclosed by
the registrant in the reports it files or submits under the Securities Exchange
Act of 1934 is recorded, processed, summarized and reported within the time
periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no significant changes in the registrant's internal control over
financial reporting that occurred during the registrant's last fiscal half-year
that has materially affected, or is reasonably likely to materially affect, the
registrants internal control over financial reporting.
Items 12. Exhibits.
(a)(1) Not applicable for semi-annual report.
(a)(2) A separate certification for the principal executive officer and the
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed
herewith.
(b) Officer certifications as required by Rule 30a-2(b) under the Investment
Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing
as an Exhibit.
- --------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Old Mutual Advisor Funds
By (Signature and Title)* /s/ David J. Bullock
--------------------------------
David J. Bullock, President and
Principal Executive Officer
Date March 28, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ David J. Bullock
--------------------------------
David J. Bullock, President and
Principal Executive Officer
Date March 28, 2005
By (Signature and Title)* /s/ Mark E. Black
--------------------------------
Mark E. Black, Treasurer and
Principal Financial Officer
Date March 28, 2005
* Print the name and title of each signing officer under his or her signature.