-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QCR8CXuoFdSa52mGJlMS1yjjvGZSaxK/mmkf1GHJ0KIa0N9oQmgh/KWcVmyD9SoJ XerEH3ahfiwmF3efp+atsA== 0000775180-09-000052.txt : 20090827 0000775180-09-000052.hdr.sgml : 20090827 20090827153810 ACCESSION NUMBER: 0000775180-09-000052 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20090630 FILED AS OF DATE: 20090827 DATE AS OF CHANGE: 20090827 EFFECTIVENESS DATE: 20090827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Old Mutual Funds II CENTRAL INDEX KEY: 0000775180 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04391 FILM NUMBER: 091039508 BUSINESS ADDRESS: STREET 1: 4643 SOUTH ULSTER STREET STREET 2: SUITE 600 CITY: DENVER STATE: CO ZIP: 80237 BUSINESS PHONE: 720-200-7600 MAIL ADDRESS: STREET 1: 4643 SOUTH ULSTER STREET STREET 2: SUITE 600 CITY: DENVER STATE: CO ZIP: 80237 FORMER COMPANY: FORMER CONFORMED NAME: OLD MUTUAL ADVISOR FUNDS II DATE OF NAME CHANGE: 20051229 FORMER COMPANY: FORMER CONFORMED NAME: PBHG FUNDS DATE OF NAME CHANGE: 20020311 FORMER COMPANY: FORMER CONFORMED NAME: PBHG FUNDS INC / DATE OF NAME CHANGE: 19960717 0000775180 S000004950 Old Mutual Analytic U.S. Long/Short Fund C000013366 A OADEX C000013367 C OCDEX C000013368 Z OBDEX C000041074 Institutional OISLX 0000775180 S000004951 Old Mutual Large Cap Growth Fund C000013369 A OLGBX C000013370 C OCLAX C000013371 Z OLCPX C000041076 Institutional OILLX 0000775180 S000004956 Old Mutual Strategic Small Company Fund C000013388 A OSSAX C000013389 C OCSSX C000013390 Z OSSCX C000041086 Institutional OISSX 0000775180 S000004957 Old Mutual Columbus Circle Technology and Communications Fund C000013392 A OATCX C000013393 C OCOMX C000013394 Z OBTCX C000041088 Institutional OICTX 0000775180 S000004958 Old Mutual TS&W Small Cap Value Fund C000013396 A OACVX C000013397 C OCCVX C000013398 Z OSMVX C000072713 Institutional OICVX 0000775180 S000004959 Old Mutual Cash Reserves Fund C000013399 Z OBCXX C000034051 A OCAXX C000034052 C OCCXX C000050978 Institutional OCIXX 0000775180 S000004960 Old Mutual Barrow Hanley Value Fund C000013400 A OAFOX C000013401 C OCFOX C000013402 Z OBFOX C000041090 Institutional OIBHX 0000775180 S000004961 Old Mutual Dwight Intermediate Fixed Income Fund C000013404 A OAFJX C000013405 C OCIRX C000013406 Z OBFJX C000041092 Institutional OIDIX 0000775180 S000004962 Old Mutual Dwight Short Term Fixed Income Fund C000013407 A OIRAX C000013408 C OIRCX C000013409 Z OBCPX C000041093 Institutional OIDSX 0000775180 S000004963 Old Mutual Heitman REIT Fund C000013411 A OARTX C000013412 C OCRTX C000013413 Z OBRTX C000041096 Institutional OIHRX 0000775180 S000004965 Old Mutual Focused Fund C000013418 A OAFCX C000013419 C OCFCX C000013420 Z OBFVX C000041100 Institutional OIFCX 0000775180 S000004966 Old Mutual Growth Fund C000013421 A OAHGX C000013422 C OCHGX C000013423 Z OBHGX C000041102 Institutional OIGHX 0000775180 S000017749 Old Mutual TS&W Mid-Cap Value Fund C000049012 A OTMAX C000049013 C OTMCX C000049014 Institutional OTMIX C000054411 Z OTMZX 0000775180 S000019570 Old Mutual Advantage Growth Fund C000054407 Institutional OAGIX 0000775180 S000019571 Old Mutual Dwight High Yield Fund C000054408 Institutional ODHYX 0000775180 S000019572 Old Mutual Barrow Hanley Core Bond Fund C000054409 Institutional OCBIX 0000775180 S000019691 Old Mutual Discover Value Fund C000055171 Institutional ODVIX N-Q 1 nq20090630omf2.htm OMF2 - FORM N-Q 6/30/2009 nq20090630omf2.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number 811-04391

Old Mutual Funds II
(Exact name of registrant as specified in charter)

4643 South Ulster Street, Suite 600, Denver, Colorado 80237
(Address of principal executive offices)

Julian F. Sluyters
4643 South Ulster Street, Suite 600, Denver, Colorado 80237
(Name and address of agent for service)

Copies to:

William H. Rheiner, Esq.
Andra C. Ozols, Esq.
Stradley Ronon Stevens & Young, LLP
Old Mutual Capital, Inc.
2600 One Commerce Square
4643 South Ulster Street, Suite 600
Philadelphia, PA  19103
Denver, CO 80237
(215) 564-8082
(720) 200-7725


Registrant’s telephone number, including area code: 1-888-772-2888

Date of fiscal year end: March 31

Date of reporting period: June 30, 2009



 
 
 

Item 1.                       Schedule of Investments.

Old Mutual Advantage Growth Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Shares
    
Value (000)
  
Common Stock - 98.1%
            
Agricultural Chemicals - 2.1%
            
Monsanto
     7,863     $ 585  
Total Agricultural Chemicals
             585  
Applications Software - 2.7%
                
Microsoft
     30,745       731  
Total Applications Software
             731  
Athletic Footwear - 1.2%
                
Nike, Cl B
     6,270       325  
Total Athletic Footwear
             325  
Beverages-Non-Alcoholic - 2.3%
                
PepsiCo
     11,620       639  
Total Beverages-Non-Alcoholic
             639  
Brewery - 2.1%
                
Cia de Bebidas das Americas ADR
     9,035       586  
Total Brewery
             586  
Cable/Satellite TV - 1.8%
                
DIRECTV Group*
     20,179       499  
Total Cable/Satellite TV
             499  
Chemicals-Specialty - 1.8%
                
Ecolab
     12,645       493  
Total Chemicals-Specialty
             493  
Commercial Services-Finance - 1.0%
                
Visa, Cl A
     4,535       282  
Total Commercial Services-Finance
             282  
Computer Services - 2.4%
                
Accenture, Cl A
     9,965       333  
Cognizant Technology Solutions, Cl A*
     12,045       322  
Total Computer Services
             655  
Computers - 7.0%
                
Apple*
     5,315       757  
Hewlett-Packard
     13,150       508  
International Business Machines
     6,170       644  
Total Computers
             1,909  
Consulting Services - 1.2%
                
FTI Consulting*
     6,435       326  
Total Consulting Services
             326  
Consumer Products-Miscellaneous - 1.2%
                
Clorox
     6,085       340  
Total Consumer Products-Miscellaneous
             340  
Cosmetics & Toiletries - 2.2%
                
Procter & Gamble
     11,755       601  
Total Cosmetics & Toiletries
             601  
Disposable Medical Products - 1.9%
                
C.R. Bard
     7,025       523  
Total Disposable Medical Products
             523  
Diversified Manufacturing Operations - 1.1%
                
Danaher
     4,700       290  
Total Diversified Manufacturing Operations
             290  
E-Commerce/Services - 2.2%
                
priceline.com*
     5,470       610  
Total E-Commerce/Services
             610  
Electric Products-Miscellaneous - 1.4%
                
Emerson Electric
     11,355       368  
Total Electric Products-Miscellaneous
             368  
Electronic Components-Semiconductors - 4.5%
                
Intel
     25,450       421  
Texas Instruments
     25,985       553  
Xilinx
     12,770       261  
Total Electronic Components-Semiconductors
             1,235  
Engineering/R&D Services - 3.4%
                
ABB ADR
     18,260       288  
Aecom Technology*
     9,410       301  
Jacobs Engineering Group*
     8,205       345  
Total Engineering/R&D Services
             934  
Enterprise Software/Services - 1.6%
                
SAP ADR
     10,809       434  
Total Enterprise Software/Services
             434  
Fiduciary Banks - 3.8%
                
Northern Trust
     7,421       398  
State Street
     13,670       645  
Total Fiduciary Banks
             1,043  
Finance-Investment Banker/Broker - 0.9%
                
Charles Schwab
     14,115       248  
Total Finance-Investment Banker/Broker
             248  
Industrial Audio & Video Products - 1.1%
                
Dolby Laboratories, Cl A*
     7,800       291  
Total Industrial Audio & Video Products
             291  
Industrial Gases - 2.2%
                
Praxair
     8,643       614  
Total Industrial Gases
             614  
Instruments-Scientific - 1.1%
                
Thermo Fisher Scientific*
     7,665       313  
Total Instruments-Scientific
             313  
Investment Management/Advisory Services - 2.2%
                
T Rowe Price Group
     14,561       607  
Total Investment Management/Advisory Services
             607  
Machinery-Farm - 0.4%
                
AGCO*
     3,885       113  
Total Machinery-Farm
             113  
Machinery-Pumps - 1.2%
                
Flowserve
     4,525       316  
Total Machinery-Pumps
             316  
Medical Information Systems - 2.0%
                
Cerner*
     8,792       548  
Total Medical Information Systems
             548  
Medical Products - 6.7%
                
Henry Schein*
     13,680       656  
Johnson & Johnson
     10,215       580  
Stryker
     6,870       273  
Varian Medical Systems*
     9,153       322  
Total Medical Products
             1,831  
Medical-Biomedical/Genetic - 2.2%
                
Amgen*
     11,115       588  
Total Medical-Biomedical/Genetic
             588  
Medical-Drugs - 2.0%
                
Abbott Laboratories
     11,640       548  
Total Medical-Drugs
             548  
Networking Products - 2.5%
                
Cisco Systems*
     36,746       685  
Total Networking Products
             685  
Oil Companies-Exploration & Production - 1.5%
                
Southwestern Energy*
     10,390       404  
Total Oil Companies-Exploration & Production
             404  
Oil Companies-Integrated - 1.0%
                
Petroleo Brasileiro ADR
     6,480       266  
Total Oil Companies-Integrated
             266  
Oil Field Machinery & Equipment - 3.5%
                
Cameron International*
     16,810       476  
National Oilwell Varco*
     14,925       487  
Total Oil Field Machinery & Equipment
             963  
Oil-Field Services - 2.7%
                
Halliburton
     15,510       321  
Schlumberger
     7,766       420  
Total Oil-Field Services
             741  
Pharmacy Services - 1.4%
                
Express Scripts*
     5,515       379  
Total Pharmacy Services
             379  
Retail-Computer Equipment - 1.1%
                
GameStop, Cl A*
     13,320       293  
Total Retail-Computer Equipment
             293  
Retail-Discount - 2.9%
                
Family Dollar Stores
     14,175       401  
Wal-Mart Stores
     8,150       395  
Total Retail-Discount
             796  
Retail-Restaurants - 3.5%
                
Darden Restaurants
     6,915       228  
McDonald's
     12,715       731  
Total Retail-Restaurants
             959  
Telecommunications Equipment - 0.9%
                
Harris
     8,435       239  
Total Telecommunications Equipment
             239  
Transportation-Rail - 1.0%
                
Union Pacific
     5,425       282  
Total Transportation-Rail
             282  
Web Portals/ISP - 2.3%
                
Google, Cl A*
     1,459       615  
Total Web Portals/ISP
             615  
Wireless Equipment - 2.9%
                
Qualcomm
     17,345       784  
Total Wireless Equipment
             784  
Total Common Stock (Cost $27,295)
             26,831  
Money Market Fund - 2.0%
                
Dreyfus Cash Management Fund, Institutional Class, 0.411% (A)
     553,639       554  
Total Money Market Fund (Cost $554)
             554  
Total Investments - 100.1% (Cost $27,849)†
             27,385  
Other Assets and Liabilities, Net - (0.1)%
             (41 )
Total Net Assets - 100.0%
           $ 27,344  

  * Non-income producing security.
      
 (A) The rate reported represents the 7-day effective yield as of June 30, 2009.
      
       
 ADR - American Depositary Receipt
      
 Cl - Class
      
 ISP - Internet Service Provider
      
 R&D - Research and Development
      
       
† At June 30, 2009, the approximate tax basis cost of the Fund’s investments was $27,849 (000), and the unrealized appreciation and depreciation were $2,509 (000) and $(2,973) (000), respectively.
       
 Cost figures are shown with "000's" omitted.
      
       
FAS 157 Footnote Disclosure:
      
       
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end.  These inputs are summarized in three broad levels as follows:
       
                   Level 1 – quoted prices in active markets for identical securities
    
                   Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
                   Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
    
       
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows (000):
    
       
       
Investments
Level 1
Level 2
Level 3
Common Stock
 $          26,831
 $            -
 $             -
Money Market Fund
                  554
               -
                -
Total Investments
 $          27,385
 $            -
 $             -
       
 On June 24, 2009, the Board of Trustees of Old Mutual Funds II approved the liquidation of the Fund. The final liquidating distribution to shareholders was made on August 17, 2009

 
 
 
 
Old Mutual Analytic U.S. Long/Short Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Shares/Face
Amount (000)
    
Value (000)
  
Common Stock - 117.5%
            
Aerospace/Defense - 2.6%
            
General Dynamics (B)
     41,456     $ 2,296  
Lockheed Martin (B)
     20,843       1,681  
Raytheon
     15,231       677  
Total Aerospace/Defense
             4,654  
Agricultural Chemicals - 0.3%
                
CF Industries Holdings
     1,043       77  
Terra Industries
     17,623       427  
Total Agricultural Chemicals
             504  
Agricultural Operations - 0.9%
                
Bunge (B)
     27,257       1,642  
Total Agricultural Operations
             1,642  
Airlines - 1.8%
                
Southwest Airlines
     464,603       3,127  
Total Airlines
             3,127  
Apparel Manufacturers - 0.0%
                
Jones Apparel Group
     1       -  
Total Apparel Manufacturers
             -  
Applications Software - 1.7%
                
Microsoft (B)
     127,404       3,028  
Total Applications Software
             3,028  
Auto/Truck Parts & Equipment-Original - 0.0%
                
WABCO Holdings
     3       -  
Total Auto/Truck Parts & Equipment-Original
             -  
Beverages-Non-Alcoholic - 0.1%
                
Pepsi Bottling Group
     2,944       100  
Total Beverages-Non-Alcoholic
             100  
Beverages-Wine/Spirits - 0.1%
                
Brown-Forman, Cl B
     2,460       106  
Total Beverages-Wine/Spirits
             106  
Building-Residential/Commercial - 0.0%
                
Centex
     2,680       23  
Total Building-Residential/Commercial
             23  
Cable/Satellite TV - 4.4%
                
Comcast, Cl A (B)
     449,267       6,510  
DISH Network, Cl A*
     79,802       1,294  
Total Cable/Satellite TV
             7,804  
Casino Hotels - 0.6%
                
Las Vegas Sands*
     136,405       1,072  
Total Casino Hotels
             1,072  
Cellular Telecommunications - 1.3%
                
NII Holdings*
     124,554       2,375  
Total Cellular Telecommunications
             2,375  
Chemicals-Diversified - 0.2%
                
Dow Chemical
     24,885       402  
Total Chemicals-Diversified
             402  
Chemicals-Specialty - 0.3%
                
Ashland (B)
     2,786       78  
Ecolab
     12,724       496  
Total Chemicals-Specialty
             574  
Commercial Banks-Western US - 0.3%
                
Bank of Hawaii
     12,731       456  
Total Commercial Banks-Western US
             456  
Commercial Services-Finance - 3.2%
                
H&R Block
     30,467       525  
MasterCard, Cl A
     4,009       671  
Visa, Cl A (B)
     70,883       4,413  
Western Union
     289       5  
Total Commercial Services-Finance
             5,614  
Computer Services - 0.6%
                
Accenture, Cl A
     33,282       1,114  
Total Computer Services
             1,114  
Computers - 4.1%
                
Dell*
     24,194       332  
Hewlett-Packard (B)
     176,043       6,804  
Sun Microsystems*
     16,080       148  
Total Computers
             7,284  
Computers-Peripheral Equipment - 0.3%
                
Lexmark International, Cl A*
     31,055       492  
Total Computers-Peripheral Equipment
             492  
Containers-Paper/Plastic - 0.3%
                
Pactiv*
     24,575       533  
Sonoco Products
     5       -  
Total Containers-Paper/Plastic
             533  
Cosmetics & Toiletries - 0.4%
                
Avon Products
     1       -  
Estee Lauder, Cl A
     23,325       762  
Total Cosmetics & Toiletries
             762  
Distribution/Wholesale - 1.2%
                
Ingram Micro, Cl A*
     33,276       582  
Tech Data*
     48,650       1,591  
Total Distribution/Wholesale
             2,173  
Diversified Banking Institution - 2.0%
                
Bank of America
     273,734       3,613  
Total Diversified Banking Institution
             3,613  
Diversified Manufacturing Operations - 0.4%
                
Harsco
     27,507       778  
Total Diversified Manufacturing Operations
             778  
E-Commerce/Services - 2.1%
                
eBay*
     213,215       3,652  
Total E-Commerce/Services
             3,652  
Electric-Integrated - 1.8%
                
PPL
     97,938       3,228  
Total Electric-Integrated
             3,228  
Electronic Components-Semiconductors - 6.4%
                
Intel
     397,852       6,584  
Texas Instruments (B)
     223,633       4,763  
Total Electronic Components-Semiconductors
             11,347  
Engineering/R&D Services - 4.9%
                
Fluor (B)
     89,222       4,576  
KBR (B)
     182,294       3,362  
Shaw Group*
     26,528       727  
Total Engineering/R&D Services
             8,665  
Entertainment Software - 1.6%
                
Electronic Arts*
     131,497       2,856  
Total Entertainment Software
             2,856  
Fiduciary Banks - 4.1%
                
Bank of New York Mellon (B)
     172,892       5,067  
Northern Trust (B)
     43,213       2,320  
Total Fiduciary Banks
             7,387  
Finance-Credit Card - 1.4%
                
American Express
     61,851       1,437  
Discover Financial Services
     109,161       1,121  
Total Finance-Credit Card
             2,558  
Finance-Investment Banker/Broker - 2.6%
                
Charles Schwab
     263,674       4,625  
Total Finance-Investment Banker/Broker
             4,625  
Financial Guarantee Insurance - 0.0%
                
MBIA*
     2       -  
Total Financial Guarantee Insurance
             -  
Food-Meat Products - 2.0%
                
Tyson Foods, Cl A (B)
     288,452       3,637  
Total Food-Meat Products
             3,637  
Food-Miscellaneous/Diversified - 0.9%
                
Sara Lee
     171,891       1,678  
Total Food-Miscellaneous/Diversified
             1,678  
Food-Wholesale/Distribution - 2.2%
                
Sysco (B)
     171,253       3,850  
Total Food-Wholesale/Distribution
             3,850  
Gas-Distribution - 0.8%
                
Energen
     35,698       1,424  
Total Gas-Distribution
             1,424  
Hospital Beds/Equipment - 0.0%
                
Hill-Rom Holdings
     125       2  
Total Hospital Beds/Equipment
             2  
Independent Power Producer - 1.8%
                
NRG Energy*
     124,914       3,243  
Total Independent Power Producer
             3,243  
Investment Management/Advisory Services - 4.0%
                
Blackrock (B)
     9,773       1,714  
Franklin Resources
     29,508       2,125  
T Rowe Price Group
     77,950       3,248  
Total Investment Management/Advisory Services
             7,087  
Life/Health Insurance - 0.1%
                
Torchmark
     4,497       167  
Total Life/Health Insurance
             167  
Machinery-Construction & Mining - 0.3%
                
Joy Global
     12,370       442  
Total Machinery-Construction & Mining
             442  
Machinery-Farm - 1.6%
                
AGCO* (B)
     100,100       2,910  
Total Machinery-Farm
             2,910  
Medical Products - 3.0%
                
Johnson & Johnson (B)
     35,515       2,017  
Stryker (B)
     58,365       2,319  
Zimmer Holdings*
     25,159       1,072  
Total Medical Products
             5,408  
Medical-Biomedical/Genetic - 3.4%
                
Amgen*
     63,764       3,376  
Biogen Idec*
     25,089       1,133  
Gilead Sciences*
     34,701       1,625  
Total Medical-Biomedical/Genetic
             6,134  
Medical-Drugs - 3.8%
                
Forest Laboratories*
     45,921       1,153  
Merck
     45,445       1,271  
Pfizer
     145,432       2,181  
Schering-Plough
     35,094       882  
Wyeth
     28,740       1,305  
Total Medical-Drugs
             6,792  
Medical-HMO - 0.9%
                
Aetna
     13,643       342  
Coventry Health Care*
     16,921       317  
Health Net*
     47,975       746  
Humana*
     5,802       187  
UnitedHealth Group
     2,339       58  
Total Medical-HMO
             1,650  
Medical-Hospitals - 0.4%
                
Tenet Healthcare*
     237,041       668  
Total Medical-Hospitals
             668  
Medical-Wholesale Drug Distributors - 5.6%
                
AmerisourceBergen (B)
     261,145       4,633  
McKesson (B)
     122,662       5,397  
Total Medical-Wholesale Drug Distributors
             10,030  
Metal Processors & Fabricators - 0.2%
                
Timken
     24,339       416  
Total Metal Processors & Fabricators
             416  
Metal-Iron - 0.5%
                
Cliffs Natural Resources
     39,377       964  
Total Metal-Iron
             964  
Multimedia - 0.0%
                
Walt Disney
     3,457       81  
Total Multimedia
             81  
Oil Companies-Exploration & Production - 3.3%
                
Occidental Petroleum (B)
     87,908       5,785  
Total Oil Companies-Exploration & Production
             5,785  
Oil Companies-Integrated - 13.1%
                
Chevron (B)
     112,596       7,460  
ConocoPhillips
     25,693       1,081  
Exxon Mobil
     124,219       8,684  
Hess
     67,761       3,642  
Murphy Oil
     46,476       2,525  
Total Oil Companies-Integrated
             23,392  
Paper & Related Products - 0.1%
                
International Paper
     5,585       85  
MeadWestvaco
     1       -  
Total Paper & Related Products
             85  
REITs-Storage - 0.0%
                
Public Storage (B)
     1       -  
Total REITs-Storage
             -  
Retail-Apparel/Shoe - 0.7%
                
Gap
     52,983       869  
Guess?
     11,659       301  
Total Retail-Apparel/Shoe
             1,170  
Retail-Consumer Electronics - 0.2%
                
RadioShack
     27,597       385  
Total Retail-Consumer Electronics
             385  
Retail-Discount - 2.1%
                
Big Lots*
     36,731       772  
BJ's Wholesale Club*
     3,934       127  
Costco Wholesale (B)
     60,991       2,787  
Total Retail-Discount
             3,686  
Retail-Drug Store - 0.7%
                
Walgreen (B)
     41,530       1,221  
Total Retail-Drug Store
             1,221  
Retail-Major Department Store - 0.0%
                
TJX
     1       -  
Total Retail-Major Department Store
             -  
Retail-Restaurants - 0.4%
                
Brinker International
     37,446       638  
Total Retail-Restaurants
             638  
Semiconductor Components-Integrated Circuits - 0.0%
                
Analog Devices
     3       -  
Total Semiconductor Components-Integrated Circuits
             -  
Steel-Producers - 0.2%
                
United States Steel
     9,600       343  
Total Steel-Producers
             343  
Super-Regional Banks-US - 2.0%
                
US Bancorp (B)
     201,167       3,605  
Total Super-Regional Banks-US
             3,605  
Telecommunications Equipment-Fiber Optics - 2.9%
                
Corning
     326,512       5,244  
Total Telecommunications Equipment-Fiber Optics
             5,244  
Telecommunications Services - 0.1%
                
Embarq
     3,074       129  
Total Telecommunications Services
             129  
Telephone-Integrated - 3.8%
                
AT&T (B)
     161,223       4,005  
Sprint Nextel*
     578,470       2,782  
Total Telephone-Integrated
             6,787  
Tobacco - 2.3%
                
Philip Morris International
     92,358       4,029  
Total Tobacco
             4,029  
Wireless Equipment - 2.1%
                
Motorola (B)
     458,359       3,039  
Qualcomm
     13,806       624  
Total Wireless Equipment
             3,663  
Total Common Stock (Cost $189,589)
             209,293  
U.S. Treasury Obligations - 0.7%
                
U.S. Treasury Bills (C)(D)
                
   0.369%, 02/11/10
   $ 550       549  
   0.233%, 12/17/09
     700       699  
Total U.S. Treasury Obligations (Cost $1,248)
             1,248  
Money Market Fund - 6.6%
                
Dreyfus Cash Management Fund, Institutional Class, 0.411% (A)
     11,655,216       11,655  
Total Money Market Fund (Cost $11,655)
             11,655  
Total Investments - 124.8% (Cost $202,492)†
             222,196  
Securities Sold Short - (19.0)%
                
Applications Software - (0.1)%
                
Nuance Communications*
     (19,312 )     (233 )
Total Applications Software
             (233 )
Auto-Medium & Heavy Duty Trucks - (0.1)%
                
Oshkosh
     (13,749 )     (200 )
Total Auto-Medium & Heavy Duty Trucks
             (200 )
Broadcast Services/Programming - (0.7)%
                
Liberty Media - Capital, Ser A*
     (87,291 )     (1,184 )
Total Broadcast Services/Programming
             (1,184 )
Building & Construction Products-Miscellaneous - (0.3)%
                
Owens Corning*
     (36,158 )     (462 )
Total Building & Construction Products-Miscellaneous
             (462 )
Building-Residential/Commercial - (1.2)%
                
KB Home
     (15,868 )     (217 )
MDC Holdings
     (8,853 )     (267 )
Toll Brothers*
     (99,065 )     (1,681 )
Total Building-Residential/Commercial
             (2,165 )
Commercial Banks-Southern US - (0.3)%
                
First Horizon National*
     (36,907 )     (443 )
Total Commercial Banks-Southern US
             (443 )
Commercial Banks-Western US - (0.0)%
                
Zions Bancorporation
     (1 )     -  
Total Commercial Banks-Western US
             -  
Commercial Services - (0.2)%
                
Weight Watchers International
     (10,300 )     (265 )
Total Commercial Services
             (265 )
Consumer Products-Miscellaneous - (0.0)%
                
Jarden*
     (1 )     -  
Total Consumer Products-Miscellaneous
             -  
Diagnostic Kits - (0.4)%
                
Inverness Medical Innovations*
     (22,028 )     (784 )
Total Diagnostic Kits
             (784 )
Electronic Components-Semiconductors - (0.3)%
                
International Rectifier*
     (6 )     -  
Rambus*
     (37,748 )     (585 )
Total Electronic Components-Semiconductors
             (585 )
Finance-Consumer Loans - (1.2)%
                
SLM*
     (212,108 )     (2,178 )
Total Finance-Consumer Loans
             (2,178 )
Finance-Investment Banker/Broker - (1.0)%
                
Jefferies Group
     (51,958 )     (1,108 )
Lazard, Cl A
     (25,415 )     (684 )
Total Finance-Investment Banker/Broker
             (1,792 )
Investment Management/Advisory Services - (0.7)%
                
Legg Mason
     (53,486 )     (1,304 )
Total Investment Management/Advisory Services
             (1,304 )
Machinery-General Industry - (0.0)%
                
Manitowoc
     (429 )     (2 )
Total Machinery-General Industry
             (2 )
Medical-Biomedical/Genetic - (1.4)%
                
Vertex Pharmaceuticals*
     (69,275 )     (2,469 )
Total Medical-Biomedical/Genetic
             (2,469 )
Medical-Drugs - (1.0)%
                
King Pharmaceuticals*
     (177,798 )     (1,712 )
Total Medical-Drugs
             (1,712 )
Metal-Aluminum - (0.0)%
                
Century Aluminum*
     (1 )     -  
Total Metal-Aluminum
             -  
Multi-line Insurance - (1.1)%
                
Genworth Financial, Cl A
     (71,559 )     (500 )
Hartford Financial Services Group
     (77,877 )     (924 )
XL Capital, Cl A
     (49,439 )     (567 )
Total Multi-line Insurance
             (1,991 )
Multimedia - (0.7)%
                
Liberty Media - Entertainment, Cl A*
     (47,501 )     (1,271 )
Total Multimedia
             (1,271 )
Oil Companies-Exploration & Production - (2.1)%
                
Plains Exploration & Production*
     (106,763 )     (2,921 )
Quicksilver Resources*
     (67,236 )     (625 )
W&T Offshore
     (22,674 )     (221 )
Total Oil Companies-Exploration & Production
             (3,767 )
Oil-Field Services - (0.0)%
                
Helix Energy Solutions Group*
     (1 )     -  
Total Oil-Field Services
             -  
Pipelines - (1.0)%
                
El Paso
     (185,802 )     (1,715 )
Total Pipelines
             (1,715 )
Property/Casualty Insurance - (0.2)%
                
OneBeacon Insurance Group, Cl A
     (29,826 )     (349 )
Total Property/Casualty Insurance
             (349 )
Real Estate Management/Services - (0.5)%
                
CB Richard Ellis Group, Cl A*
     (97,870 )     (916 )
Total Real Estate Management/Services
             (916 )
REITs-Regional Malls - (0.0)%
                
Taubman Centers
     (2,551 )     (69 )
Total REITs-Regional Malls
             (69 )
Semiconductor Components-Integrated Circuits - (1.3)%
                
Cypress Semiconductor*
     (250,380 )     (2,304 )
Total Semiconductor Components-Integrated Circuits
             (2,304 )
Semiconductor Equipment - (0.6)%
                
Lam Research*
     (44,121 )     (1,147 )
Total Semiconductor Equipment
             (1,147 )
Super-Regional Banks-US - (0.3)%
                
Capital One Financial
     (19,485 )     (426 )
Huntington Bancshares
     (29,222 )     (122 )
Keycorp
     (1 )     -  
Total Super-Regional Banks-US
             (548 )
Telecommunications Equipment-Fiber Optics - (0.2)%
                
Ciena*
     (27,848 )     (288 )
Total Telecommunications Equipment-Fiber Optics
             (288 )
Wireless Equipment - (1.1)%
                
SBA Communications, Cl A*
     (77,581 )     (1,904 )
Total Wireless Equipment
             (1,904 )
X-Ray Equipment - (1.0)%
                
Hologic*
     (119,679 )     (1,703 )
Total X-Ray Equipment
             (1,703 )
Total Securities Sold Short (Proceeds received $(31,364))
             (33,750 )
Other Assets and Liabilities, Net - (5.8)%
             (10,333 )
Total Net Assets - 100.0%
           $ 178,113  

The Fund had the following futures contracts open as of June 30, 2009:
                    
                     
                     
         
Contract
      
Unrealized
  
   
Number of
    
Value
  
 Expiration
  
Appreciation
  
 Contract Description
  
Contracts
       (000 )
 Date
     (000 ) (1)
 Long Positions:
                        
 S&P 500 EMINI Index Future
     74     $ 3,387  
09/18/2009
   $ 9  
           
 
    
Net unrealized appreciation
   $ 9  
                           
 (1) The amount represents the fair value of derivative instruments subject to equity contract risk exposure as of June 30, 2009
    
                 
                 
  * Non-income producing security.
                
                 
 (A) - The rate reported represents the 7-day effective yield as of June 30, 2009.
            
 (B) - All or a portion of this security is held as cover for securities sold short.
              
 (C) - All or a portion of this security is held as required margin for open futures contracts.
 (D) - The rate reported represents the security's effective yield at the time of purchase.
            
                 
 Cl - Class
                
 HMO - Health Maintenance Organization
                
 R&D - Research and Development
                
 REITs - Real Estate Investment Trusts
                
 Ser - Series
                
                 
 Cost figures are shown with "000's" omitted.
                
 Amounts designated as "-" are either $0 or have been rounded to $0.
              
                 
† At June 30, 2009, the approximate tax basis cost of the Fund’s investments was $202,492 (000), and the unrealized appreciation and depreciation were $24,264 (000) and $(4,560) (000), respectively.
                 
                 
FAS 157 Footnote Disclosure:
                
                 
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end.  These inputs are summarized in three broad levels as follows:
                 
                   Level 1 – quoted prices in active markets for identical securities
    
                   Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
                   Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
    
                 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows (000):
        
                 
                   
Investments
  
Level 1
    
Level 2
    
Level 3
  
      Common Stock
   $ 209,293     $ -     $ -  
      U.S. Treasury Obligations
     -       1,248       -  
      Money Market Fund
     11,655       -       -  
Securities Sold Short
                        
      Securities Sold Short
     (33,750 )     -       -  
      187,198       1,248       -  
Other Financial Instruments*
     9       -       -  
Total Investments
   $ 187,207     $ 1,248     $ -  
                         
 * Futures contracts are not reflected in the Schedule of Investments and are valued at the unrealized appreciation/depreciation of the instrument.
 
 
 
 
 
Old Mutual Barrow Hanley Value Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Shares
    
Value (000)
  
Common Stock - 99.1%
            
Aerospace/Defense - 2.8%
            
Raytheon
     86,800     $ 3,856  
Total Aerospace/Defense
             3,856  
Applications Software - 3.0%
                
Microsoft
     176,000       4,183  
Total Applications Software
             4,183  
Beverages-Wine/Spirits - 2.7%
                
Diageo ADR
     64,072       3,668  
Total Beverages-Wine/Spirits
             3,668  
Chemicals-Diversified - 1.5%
                
E.I. du Pont de Nemours
     81,000       2,075  
Total Chemicals-Diversified
             2,075  
Computers - 5.9%
                
Hewlett-Packard
     105,903       4,093  
International Business Machines
     38,650       4,036  
Total Computers
             8,129  
Cruise Lines - 2.2%
                
Carnival
     116,558       3,004  
Total Cruise Lines
             3,004  
Diversified Banking Institution - 4.5%
                
Bank of America
     171,663       2,266  
Citigroup
     113,409       337  
JPMorgan Chase
     104,757       3,573  
Total Diversified Banking Institution
             6,176  
Diversified Manufacturing Operations - 12.2%
                
Cooper Industries, Cl A
     110,000       3,415  
General Electric
     237,730       2,786  
Honeywell International
     110,038       3,455  
Illinois Tool Works
     101,255       3,781  
ITT
     75,000       3,337  
Total Diversified Manufacturing Operations
             16,774  
Electric-Integrated - 6.0%
                
Constellation Energy Group
     65,100       1,730  
Dominion Resources
     69,124       2,310  
Duke Energy
     205,320       2,996  
Entergy
     16,200       1,256  
Total Electric-Integrated
             8,292  
Electronic Components-Semiconductors - 2.4%
                
Intel
     199,700       3,305  
Total Electronic Components-Semiconductors
             3,305  
Finance-Consumer Loans - 1.1%
                
SLM*
     154,288       1,585  
Total Finance-Consumer Loans
             1,585  
Finance-Credit Card - 1.9%
                
American Express
     112,362       2,611  
Total Finance-Credit Card
             2,611  
Funeral Services & Related Items - 0.8%
                
Service Corp International
     199,100       1,091  
Total Funeral Services & Related Items
             1,091  
Gas-Distribution - 1.2%
                
Centerpoint Energy
     147,300       1,632  
Total Gas-Distribution
             1,632  
Hotels & Motels - 1.3%
                
Wyndham Worldwide
     145,187       1,760  
Total Hotels & Motels
             1,760  
Medical Labs & Testing Services - 3.0%
                
Quest Diagnostics
     73,044       4,122  
Total Medical Labs & Testing Services
             4,122  
Medical Products - 0.9%
                
Baxter International
     22,958       1,216  
Total Medical Products
             1,216  
Medical-Drugs - 8.3%
                
Bristol-Myers Squibb
     196,601       3,993  
Pfizer
     183,883       2,758  
Wyeth
     103,817       4,712  
Total Medical-Drugs
             11,463  
Medical-HMO - 1.7%
                
WellPoint*
     45,012       2,291  
Total Medical-HMO
             2,291  
Medical-Wholesale Drug Distributors - 2.2%
                
Cardinal Health
     99,100       3,027  
Total Medical-Wholesale Drug Distributors
             3,027  
Multi-line Insurance - 0.8%
                
American International Group
     77,469       90  
XL Capital, Cl A
     87,661       1,005  
Total Multi-line Insurance
             1,095  
Oil Companies-Exploration & Production - 3.1%
                
Occidental Petroleum
     65,822       4,332  
Total Oil Companies-Exploration & Production
             4,332  
Oil Companies-Integrated - 4.1%
                
BP ADR
     57,100       2,723  
ConocoPhillips
     68,195       2,868  
Total Oil Companies-Integrated
             5,591  
Pipelines - 3.6%
                
El Paso
     142,994       1,320  
Spectra Energy
     212,572       3,597  
Total Pipelines
             4,917  
Super-Regional Banks-US - 5.4%
                
Capital One Financial
     65,340       1,430  
PNC Financial Services Group
     52,836       2,051  
Wells Fargo
     164,915       4,001  
Total Super-Regional Banks-US
             7,482  
Telecommunications Services - 0.0%
                
Fairpoint Communications
     2,787       2  
Total Telecommunications Services
             2  
Telephone-Integrated - 5.0%
                
AT&T
     137,514       3,416  
Verizon Communications
     113,758       3,496  
Total Telephone-Integrated
             6,912  
Television - 0.3%
                
CBS, Cl B
     67,800       469  
Total Television
             469  
Tobacco - 7.6%
                
Altria Group
     100,532       1,648  
Imperial Tobacco Group ADR
     76,747       3,987  
Philip Morris International
     109,500       4,776  
Total Tobacco
             10,411  
Tools-Hand Held - 2.0%
                
Stanley Works
     83,111       2,812  
Total Tools-Hand Held
             2,812  
Wireless Equipment - 1.6%
                
Nokia ADR
     147,724       2,154  
Total Wireless Equipment
             2,154  
Total Common Stock (Cost $176,526)
             136,437  
Money Market Fund - 0.4%
                
Dreyfus Cash Management Fund, Institutional Class, 0.411% (A)
     524,915       525  
Total Money Market Fund (Cost $525)
             525  
Total Investments - 99.5% (Cost $177,051)†
             136,962  
Other Assets and Liabilities, Net - 0.5%
             714  
Total Net Assets - 100.0%
           $ 137,676  

  * Non-income producing security.
      
 (A) The rate reported represents the 7-day effective yield as of June 30, 2009.
      
       
 ADR - American Depositary Receipt
      
 Cl - Class
      
 HMO - Health Maintenance Organization
      
       
† At June 30, 2009, the approximate tax basis cost of the Fund’s investments was $177,051 (000), and the unrealized appreciation and depreciation were $8,144 (000) and $(48,233) (000), respectively.
       
 Cost figures are shown with "000's" omitted.
      
       
FAS 157 Footnote Disclosure:
      
       
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end.  These inputs are summarized in three broad levels as follows:
       
                   Level 1 – quoted prices in active markets for identical securities
    
                   Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
                   Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
    
       
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows (000):
    
       
       
Investments
Level 1
Level 2
Level 3
Common Stock
 $    136,437
 $           -
 $                        -
Money Market Fund
             525
             -
                           -
Total Investments
 $    136,962
 $           -
 $                        -

 
 
 
 
Old Mutual Columbus Circle Technology and Communications Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Shares
    
Value (000)
  
Common Stock - 98.1%
            
Aerospace/Defense-Equipment - 1.6%
            
Goodrich
     36,700     $ 1,834  
Total Aerospace/Defense-Equipment
             1,834  
Agricultural Chemicals - 3.0%
                
Monsanto
     28,000       2,082  
Syngenta ADR
     29,300       1,363  
Total Agricultural Chemicals
             3,445  
Applications Software - 4.1%
                
Check Point Software Technologies*
     101,368       2,379  
Citrix Systems*
     70,900       2,261  
Total Applications Software
             4,640  
Cellular Telecommunications - 1.5%
                
China Mobile ADR
     33,230       1,664  
Total Cellular Telecommunications
             1,664  
Computers - 6.7%
                
Apple*
     41,870       5,964  
Palm*
     96,900       1,606  
Total Computers
             7,570  
Computers-Integrated Systems - 1.5%
                
Brocade Communications Systems*
     210,800       1,648  
Total Computers-Integrated Systems
             1,648  
Computers-Memory Devices - 5.3%
                
EMC*
     296,420       3,883  
STEC*
     88,300       2,048  
Total Computers-Memory Devices
             5,931  
E-Commerce/Products - 1.0%
                
Amazon.com*
     13,270       1,110  
Total E-Commerce/Products
             1,110  
E-Commerce/Services - 5.0%
                
Ctrip.com International ADR
     27,200       1,259  
eBay*
     100,800       1,727  
OpenTable*
     20,145       608  
priceline.com*
     18,360       2,048  
Total E-Commerce/Services
             5,642  
Electronic Components-Semiconductors - 13.3%
                
Altera
     64,660       1,053  
Broadcom, Cl A*
     126,380       3,133  
Microchip Technology
     123,700       2,789  
Monolithic Power Systems*
     51,100       1,145  
Netlogic Microsystems*
     61,662       2,248  
ON Semiconductor*
     252,900       1,735  
PMC - Sierra*
     175,400       1,396  
Xilinx
     74,320       1,521  
Total Electronic Components-Semiconductors
             15,020  
Electronic Connectors - 3.6%
                
Amphenol, Cl A
     127,973       4,049  
Total Electronic Connectors
             4,049  
Electronic Design Automation - 1.7%
                
Cadence Design Systems*
     329,100       1,942  
Total Electronic Design Automation
             1,942  
Electronic Measuring Instruments - 1.3%
                
Trimble Navigation*
     75,000       1,472  
Total Electronic Measuring Instruments
             1,472  
Enterprise Software/Services - 4.1%
                
BMC Software*
     35,250       1,191  
Sybase*
     110,639       3,467  
Total Enterprise Software/Services
             4,658  
Entertainment Software - 2.3%
                
Activision Blizzard*
     202,300       2,555  
Total Entertainment Software
             2,555  
Internet Content-Information/News - 2.2%
                
Baidu ADR*
     8,190       2,466  
Total Internet Content-Information/News
             2,466  
Internet Security - 2.5%
                
McAfee*
     26,580       1,121  
Symantec*
     71,000       1,105  
VeriSign*
     30,100       556  
Total Internet Security
             2,782  
Medical Information Systems - 2.1%
                
athenahealth*
     63,210       2,339  
Total Medical Information Systems
             2,339  
Medical Instruments - 1.3%
                
Thoratec*
     52,900       1,417  
Total Medical Instruments
             1,417  
Medical-Biomedical/Genetic - 10.0%
                
Alexion Pharmaceuticals*
     76,200       3,133  
Genzyme*
     32,430       1,805  
Gilead Sciences*
     63,940       2,995  
Illumina*
     29,790       1,160  
Myriad Genetics*
     61,661       2,198  
Total Medical-Biomedical/Genetic
             11,291  
Networking Products - 5.2%
                
Cisco Systems*
     73,030       1,361  
Juniper Networks*
     108,335       2,557  
LogMeIn*
     2,800       45  
Starent Networks*
     80,360       1,962  
Total Networking Products
             5,925  
Oil-Field Services - 1.1%
                
Schlumberger
     23,700       1,282  
Total Oil-Field Services
             1,282  
Power Conversion/Supply Equipment - 1.0%
                
Yingli Green Energy Holding ADR*
     86,600       1,173  
Total Power Conversion/Supply Equipment
             1,173  
Semiconductor Components-Integrated Circuits - 1.5%
                
Maxim Integrated Products
     107,700       1,690  
Total Semiconductor Components-Integrated Circuits
             1,690  
Web Portals/ISP - 6.8%
                
Google, Cl A*
     11,620       4,899  
Netease.com ADR*
     78,700       2,769  
Total Web Portals/ISP
             7,668  
Wireless Equipment - 8.4%
                
American Tower, Cl A*
     35,790       1,129  
InterDigital*
     70,670       1,727  
Qualcomm
     122,220       5,524  
SBA Communications, Cl A*
     42,410       1,041  
Total Wireless Equipment
             9,421  
Total Common Stock (Cost $87,696)
             110,634  
Money Market Fund - 4.5%
                
Dreyfus Cash Management Fund, Institutional Class, 0.411% (A)
     5,108,791       5,109  
Total Money Market Fund (Cost $5,109)
             5,109  
Total Investments - 102.6% (Cost $92,805)†
             115,743  
Other Assets and Liabilities, Net - (2.6)%
             (2,943 )
Total Net Assets - 100.0%
           $ 112,800  

  * Non-income producing security.
      
 (A) The rate reported represents the 7-day effective yield as of June 30, 2009.
      
       
 ADR - American Depositary Receipt
      
 Cl - Class
      
 ISP - Internet Service Provider
      
       
† At June 30, 2009, the approximate tax basis cost of the Fund’s investments was $92,805 (000), and the unrealized appreciation and depreciation were $24,049 (000) and $(1,111) (000), respectively.
       
 Cost figures are shown with "000's" omitted.
      
       
FAS 157 Footnote Disclosure:
      
       
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end.  These inputs are summarized in three broad levels as follows:
       
                   Level 1 – quoted prices in active markets for identical securities
    
                   Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
                   Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
    
       
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows(000):
      
       
       
Investments
Level 1
Level 2
Level 3
Common Stock
 $ 110,634
 $        -
 $             -
Money Market Fund
       5,109
           -
                -
Total Investments
 $ 115,743
 $        -
 $             -

 
 
 
 
Old Mutual Discover Value Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Shares
    
Value (000)
  
Common Stock - 98.2%
            
Advanced Materials/Products - 0.6%
            
Hexcel*
     17,350     $ 165  
Total Advanced Materials/Products
             165  
Aerospace/Defense-Equipment - 0.7%
                
BE Aerospace*
     13,600       195  
GenCorp*
     3,940       8  
Total Aerospace/Defense-Equipment
             203  
Airlines - 0.4%
                
US Airways Group*
     49,760       121  
Total Airlines
             121  
Alternative Waste Technologies - 1.0%
                
Darling International*
     44,000       290  
Total Alternative Waste Technologies
             290  
Apparel Manufacturers - 0.0%
                
Oxford Industries
     900       10  
Total Apparel Manufacturers
             10  
Applications Software - 0.8%
                
American Reprographics*
     26,590       221  
Total Applications Software
             221  
Audio/Video Products - 0.0%
                
Audiovox, Cl A*
     1,300       8  
Total Audio/Video Products
             8  
Auto/Truck Parts & Equipment-Original - 1.3%
                
Amerigon*
     7,862       48  
Superior Industries International
     19,100       269  
Titan International
     9,100       68  
Total Auto/Truck Parts & Equipment-Original
             385  
Auto/Truck Parts & Equipment-Replacement - 0.0%
                
Exide Technologies*
     1,300       5  
Total Auto/Truck Parts & Equipment-Replacement
             5  
Batteries/Battery Systems - 0.2%
                
EnerSys*
     3,400       62  
Total Batteries/Battery Systems
             62  
Building & Construction Products-Miscellaneous - 2.3%
                
Drew Industries*
     17,300       211  
Gibraltar Industries
     800       5  
Quanex Building Products
     16,000       180  
Trex*
     20,900       279  
Total Building & Construction Products-Miscellaneous
             675  
Building & Construction-Miscellaneous - 1.0%
                
Dycom Industries*
     850       9  
Integrated Electrical Services*
     9,000       70  
MYR Group*
     11,000       222  
Total Building & Construction-Miscellaneous
             301  
Building Products-Air/Heating - 0.2%
                
AAON
     2,950       59  
Total Building Products-Air/Heating
             59  
Building Products-Cement/Aggregate - 2.2%
                
Eagle Materials
     15,000       379  
Texas Industries
     8,200       257  
Total Building Products-Cement/Aggregate
             636  
Building Products-Light Fixtures - 0.2%
                
LSI Industries
     8,000       44  
Total Building Products-Light Fixtures
             44  
Building-Heavy Construction - 0.6%
                
Chicago Bridge & Iron
     14,300       177  
Total Building-Heavy Construction
             177  
Building-Residential/Commercial - 0.7%
                
Meritage Homes*
     2,200       41  
Ryland Group
     9,200       154  
Total Building-Residential/Commercial
             195  
Casino Services - 0.4%
                
Shuffle Master*
     19,500       129  
Total Casino Services
             129  
Chemicals-Diversified - 0.1%
                
Innospec
     1,380       15  
Total Chemicals-Diversified
             15  
Chemicals-Plastics - 0.3%
                
Landec*
     14,100       96  
Total Chemicals-Plastics
             96  
Chemicals-Specialty - 0.8%
                
ICO*
     4,850       13  
Quaker Chemical
     16,400       218  
Total Chemicals-Specialty
             231  
Coal - 0.3%
                
Patriot Coal *
     12,800       82  
Total Coal
             82  
Collectibles - 0.1%
                
RC2*
     2,600       34  
Total Collectibles
             34  
Commercial Banks-Central US - 0.3%
                
Capitol Bancorp
     2,210       6  
Old Second Bancorp
     6,200       37  
Sterling Bancshares
     5,600       35  
Total Commercial Banks-Central US
             78  
Commercial Banks-Eastern US - 0.6%
                
Webster Financial
     21,200       171  
Total Commercial Banks-Eastern US
             171  
Commercial Banks-Southern US - 0.7%
                
Iberiabank
     2,100       83  
SCBT Financial
     3,900       92  
W Holding
     3,100       44  
Total Commercial Banks-Southern US
             219  
Commercial Banks-Western US - 2.3%
                
Banner
     1,700       6  
City Bank
     2,590       6  
Glacier Bancorp
     3,800       56  
Guaranty Bancorp*
     46,700       89  
Hanmi Financial
     5,350       9  
Nara Bancorp
     26,600       138  
Pacific Capital Bancorp
     36,400       78  
PacWest Bancorp
     9,200       121  
UCBH Holdings
     44,100       56  
West Coast Bancorp
     2,640       5  
Zions Bancorporation
     9,400       109  
Total Commercial Banks-Western US
             673  
Commercial Services - 0.0%
                
Live Nation*
     1,820       9  
Total Commercial Services
             9  
Commercial Services-Finance - 2.1%
                
Advance America Cash Advance Centers
     1,800       8  
Deluxe
     16,400       210  
Heartland Payment Systems
     18,600       178  
Jackson Hewitt Tax Service
     16,900       106  
Wright Express*
     4,600       117  
Total Commercial Services-Finance
             619  
Computer Aided Design - 0.6%
                
Aspen Technology*
     9,500       81  
Parametric Technology*
     8,150       95  
Total Computer Aided Design
             176  
Computer Services - 1.3%
                
Ciber*
     81,260       252  
Insight Enterprises*
     11,540       111  
Ness Technologies*
     2,200       9  
Total Computer Services
             372  
Computer Software - 0.9%
                
Avid Technology*
     20,010       268  
Total Computer Software
             268  
Computers-Memory Devices - 1.2%
                
Imation
     25,620       195  
Silicon Storage Technology*
     42,200       79  
Smart Modular Technologies WWH*
     3,530       8  
Xyratex*
     13,700       68  
Total Computers-Memory Devices
             350  
Computers-Peripheral Equipment - 0.8%
                
Electronics for Imaging*
     22,600       241  
Synaptics*
     200       8  
Total Computers-Peripheral Equipment
             249  
Consulting Services - 0.5%
                
LECG*
     7,070       23  
Watson Wyatt Worldwide, Cl A
     3,600       135  
Total Consulting Services
             158  
Consumer Products-Miscellaneous - 0.9%
                
American Greetings, Cl A
     910       11  
Blyth
     7,300       239  
Total Consumer Products-Miscellaneous
             250  
Cosmetics & Toiletries - 1.1%
                
Bare Escentuals*
     18,800       167  
Elizabeth Arden*
     17,300       151  
Total Cosmetics & Toiletries
             318  
Decision Support Software - 0.1%
                
QAD
     8,400       27  
Total Decision Support Software
             27  
Dental Supplies & Equipment - 0.9%
                
Align Technology*
     11,600       123  
Sirona Dental Systems*
     7,700       154  
Total Dental Supplies & Equipment
             277  
Diagnostic Equipment - 0.8%
                
Affymetrix*
     41,750       248  
Total Diagnostic Equipment
             248  
Diagnostic Kits - 0.4%
                
Inverness Medical Innovations*
     3,650       130  
Total Diagnostic Kits
             130  
Distribution/Wholesale - 2.1%
                
Brightpoint*
     40,400       253  
Core-Mark Holding*
     9,065       236  
School Specialty*
     6,700       135  
Total Distribution/Wholesale
             624  
Diversified Manufacturing Operations - 0.6%
                
Actuant, Cl A
     10,200       124  
Lydall*
     1,780       6  
Standex International
     4,900       57  
Total Diversified Manufacturing Operations
             187  
Diversified Operations - 0.1%
                
Resource America, Cl A
     3,600       19  
Total Diversified Operations
             19  
Diversified Operations/Commercial Services - 0.2%
                
Volt Information Sciences*
     7,500       47  
Total Diversified Operations/Commercial Services
             47  
Drug Delivery Systems - 0.0%
                
I-Flow*
     1,300       9  
Total Drug Delivery Systems
             9  
Electric Products-Miscellaneous - 0.7%
                
GrafTech International*
     11,000       124  
Graham
     6,800       90  
Total Electric Products-Miscellaneous
             214  
Electric-Integrated - 0.1%
                
Pike Electric*
     3,500       42  
Total Electric-Integrated
             42  
Electronic Components-Miscellaneous - 0.9%
                
Bel Fuse, Cl B
     4,400       71  
CTS
     30,220       198  
Total Electronic Components-Miscellaneous
             269  
Electronic Components-Semiconductors - 2.5%
                
Applied Micro Circuits*
     9,700       79  
Lattice Semiconductor*
     105,230       198  
Macrovision Solutions*
     5,100       111  
Microsemi*
     9,500       131  
ON Semiconductor*
     16,800       115  
PLX Technology*
     23,100       87  
Silicon Image*
     3,500       8  
Total Electronic Components-Semiconductors
             729  
Electronic Design Automation - 0.5%
                
Cadence Design Systems*
     25,800       152  
Total Electronic Design Automation
             152  
Electronic Measuring Instruments - 0.3%
                
Measurement Specialties*
     1,300       9  
Zygo*
     18,620       87  
Total Electronic Measuring Instruments
             96  
E-Marketing/Information - 0.7%
                
Valueclick*
     20,700       218  
Total E-Marketing/Information
             218  
Enterprise Software/Services - 0.7%
                
Informatica*
     7,800       134  
Omnicell*
     6,600       71  
Total Enterprise Software/Services
             205  
Entertainment Software - 1.0%
                
Take-Two Interactive Software*
     29,700       281  
Total Entertainment Software
             281  
Environmental Consulting & Engineering - 0.3%
                
Tetra Tech*
     3,600       103  
Total Environmental Consulting & Engineering
             103  
E-Services/Consulting - 0.7%
                
Websense*
     10,900       194  
Total E-Services/Consulting
             194  
Fiduciary Banks - 0.7%
                
Boston Private Financial Holdings
     47,100       211  
Total Fiduciary Banks
             211  
Filtration/Separation Products - 0.8%
                
Clarcor
     8,500       248  
Total Filtration/Separation Products
             248  
Finance-Investment Banker/Broker - 0.6%
                
optionsXpress Holdings
     10,400       162  
Total Finance-Investment Banker/Broker
             162  
Food-Miscellaneous/Diversified - 1.0%
                
Chiquita Brands International*
     27,920       286  
Total Food-Miscellaneous/Diversified
             286  
Food-Retail - 0.0%
                
Great Atlantic & Pacific Tea*
     1,790       8  
Total Food-Retail
             8  
Footwear & Related Apparel - 0.8%
                
Skechers U.S.A., Cl A*
     24,850       243  
Total Footwear & Related Apparel
             243  
Heart Monitors - 0.3%
                
Cardiac Science*
     24,400       98  
Total Heart Monitors
             98  
Home Furnishings - 1.4%
                
American Woodmark
     5,200       125  
Ethan Allen Interiors
     25,760       267  
Hooker Furniture
     910       10  
Total Home Furnishings
             402  
Human Resources - 4.8%
                
AMN Healthcare Services*
     33,250       212  
CDI
     20,830       232  
Cross Country Healthcare*
     27,560       189  
Kelly Services, Cl A
     20,430       224  
Monster Worldwide*
     6,700       79  
MPS Group*
     31,045       237  
Spherion*
     2,200       9  
TrueBlue*
     26,200       220  
Total Human Resources
             1,402  
Industrial Automation/Robot - 0.5%
                
Intermec*
     10,600       137  
Total Industrial Automation/Robot
             137  
Instruments-Scientific - 0.4%
                
PerkinElmer
     7,500       131  
Total Instruments-Scientific
             131  
Internet Application Software - 0.9%
                
RealNetworks*
     89,690       268  
Total Internet Application Software
             268  
Investment Companies - 0.5%
                
Gladstone Capital
     21,300       160  
Total Investment Companies
             160  
Life/Health Insurance - 0.3%
                
Independence Holding
     1,300       8  
Protective Life
     6,200       71  
Total Life/Health Insurance
             79  
Machinery-Electrical - 0.4%
                
Baldor Electric
     4,450       106  
Total Machinery-Electrical
             106  
Machinery-General Industry - 1.5%
                
Albany International, Cl A
     6,700       76  
Altra Holdings*
     24,900       187  
Gardner Denver*
     6,900       174  
Total Machinery-General Industry
             437  
Machinery-Material Handling - 1.1%
                
Columbus McKinnon*
     19,100       242  
NACCO Industries, Cl A
     2,610       75  
Total Machinery-Material Handling
             317  
Medical Labs & Testing Services - 0.5%
                
Icon ADR*
     6,900       149  
Total Medical Labs & Testing Services
             149  
Medical Laser Systems - 0.0%
                
Cynosure, Cl A*
     900       7  
Total Medical Laser Systems
             7  
Medical Products - 0.5%
                
PSS World Medical*
     4,750       88  
Wright Medical Group*
     2,800       46  
Total Medical Products
             134  
Medical-Hospitals - 0.5%
                
Health Management Associates, Cl A*
     31,200       154  
Total Medical-Hospitals
             154  
Medical-Outpatient/Home Medical - 0.2%
                
Almost Family*
     2,300       60  
Total Medical-Outpatient/Home Medical
             60  
Metal Processors & Fabricators - 2.5%
                
CIRCOR International
     4,600       109  
Haynes International*
     6,500       154  
LB Foster, Cl A*
     4,100       123  
RBC Bearings*
     6,300       129  
RTI International Metals*
     12,000       212  
Total Metal Processors & Fabricators
             727  
Metal Products-Distribution - 0.9%
                
AM Castle
     8,900       108  
Lawson Products
     5,300       75  
Olympic Steel
     3,150       77  
Total Metal Products-Distribution
             260  
Metal-Aluminum - 0.3%
                
Century Aluminum*
     14,700       92  
Total Metal-Aluminum
             92  
Miscellaneous Manufacturing - 0.4%
                
American Railcar Industries
     900       7  
FreightCar America
     6,200       104  
Movado Group
     900       9  
Total Miscellaneous Manufacturing
             120  
MRI/Medical Diagnostic Imaging - 0.3%
                
Nighthawk Radiology Holdings*
     22,200       82  
Total MRI/Medical Diagnostic Imaging
             82  
Multi-line Insurance - 0.9%
                
Horace Mann Educators
     25,750       257  
Total Multi-line Insurance
             257  
Multimedia - 0.0%
                
Martha Stewart Living Omnimedia, Cl A*
     2,600       8  
Total Multimedia
             8  
Networking Products - 0.9%
                
Anixter International*
     5,900       222  
Extreme Networks*
     17,800       36  
Hypercom*
     6,670       10  
Total Networking Products
             268  
Non-Ferrous Metals - 0.7%
                
Horsehead Holding*
     4,200       31  
Thompson Creek Metals*
     17,100       175  
Total Non-Ferrous Metals
             206  
Office Furnishings-Original - 0.8%
                
Interface, Cl A
     1,340       8  
Knoll
     28,900       219  
Total Office Furnishings-Original
             227  
Office Supplies & Forms - 0.0%
                
Standard Register
     2,200       7  
Total Office Supplies & Forms
             7  
Oil & Gas Drilling - 0.4%
                
Bronco Drilling*
     1,300       6  
Hercules Offshore*
     13,400       53  
Pioneer Drilling*
     12,870       62  
Total Oil & Gas Drilling
             121  
Oil Companies-Exploration & Production - 1.8%
                
Cabot Oil & Gas
     5,000       153  
Carrizo Oil & Gas*
     4,800       82  
Forest Oil*
     8,150       122  
Petroleum Development*
     400       6  
Quicksilver Resources*
     5,800       54  
SandRidge Energy*
     7,800       66  
Swift Energy*
     2,850       47  
Total Oil Companies-Exploration & Production
             530  
Oil Field Machinery & Equipment - 0.7%
                
Gulf Island Fabrication
     5,280       84  
Mitcham Industries*
     25,350       132  
Total Oil Field Machinery & Equipment
             216  
Oil-Field Services - 3.2%
                
Basic Energy Services*
     400       3  
Matrix Service*
     15,600       179  
Newpark Resources*
     66,610       190  
Oceaneering International*
     4,800       217  
Superior Energy Services*
     11,300       195  
Tesco*
     4,000       32  
Willbros Group*
     10,500       131  
Total Oil-Field Services
             947  
Paper & Related Products - 0.0%
                
Neenah Paper
     1,340       12  
Total Paper & Related Products
             12  
Pharmacy Services - 0.5%
                
Catalyst Health Solutions*
     5,400       135  
Total Pharmacy Services
             135  
Platinum - 0.4%
                
Stillwater Mining*
     19,000       108  
Total Platinum
             108  
Power Conversion/Supply Equipment - 0.2%
                
Advanced Energy Industries*
     6,100       55  
Total Power Conversion/Supply Equipment
             55  
Precious Metals - 0.3%
                
North American Palladium*
     40,650       99  
Total Precious Metals
             99  
Printing-Commercial - 0.6%
                
Consolidated Graphics*
     10,200       178  
Total Printing-Commercial
             178  
Property/Casualty Insurance - 1.3%
                
State Auto Financial
     14,200       249  
United America Indemnity, Cl A*
     27,540       132  
Total Property/Casualty Insurance
             381  
Publishing-Periodicals - 0.0%
                
Playboy Enterprises, Cl B*
     2,650       7  
Total Publishing-Periodicals
             7  
REITs-Apartments - 0.8%
                
Post Properties
     17,800       239  
Total REITs-Apartments
             239  
REITs-Diversified - 0.0%
                
One Liberty Properties
     1,810       10  
Total REITs-Diversified
             10  
REITs-Office Property - 0.0%
                
Parkway Properties
     400       5  
Total REITs-Office Property
             5  
REITs-Regional Malls - 0.0%
                
Glimcher Realty Trust
     3,100       9  
Total REITs-Regional Malls
             9  
REITs-Storage - 0.0%
                
U-Store-It Trust
     2,200       11  
Total REITs-Storage
             11  
Rental Auto/Equipment - 0.6%
                
H&E Equipment Services*
     19,100       179  
Total Rental Auto/Equipment
             179  
Retail-Apparel/Shoe - 2.8%
                
AnnTaylor Stores*
     6,100       49  
Brown Shoe
     1,370       10  
Christopher & Banks
     30,220       203  
Gymboree*
     2,400       85  
Kenneth Cole Productions, Cl A
     19,960       140  
New York*
     22,210       69  
Shoe Carnival*
     18,200       217  
Stein Mart*
     5,300       47  
Syms*
     900       7  
Total Retail-Apparel/Shoe
             827  
Retail-Appliances - 0.0%
                
hhgregg*
     400       6  
Total Retail-Appliances
             6  
Retail-Automobile - 0.5%
                
Asbury Automotive Group
     800       8  
Group 1 Automotive
     5,300       138  
Total Retail-Automobile
             146  
Retail-Building Products - 0.3%
                
Lumber Liquidators*
     6,500       102  
Total Retail-Building Products
             102  
Retail-Catalog Shopping - 0.3%
                
Coldwater Creek*
     14,670       89  
Total Retail-Catalog Shopping
             89  
Retail-Computer Equipment - 0.8%
                
PC Connection*
     14,200       75  
PC Mall*
     23,540       159  
Total Retail-Computer Equipment
             234  
Retail-Discount - 0.0%
                
Tuesday Morning*
     2,200       7  
Total Retail-Discount
             7  
Retail-Hair Salons - 0.5%
                
Regis
     7,580       132  
Total Retail-Hair Salons
             132  
Retail-Leisure Products - 0.2%
                
Steinway Musical Instruments*
     5,300       57  
Total Retail-Leisure Products
             57  
Retail-Regional Department Store - 0.1%
                
Dillard's, Cl A
     900       8  
Retail Ventures*
     2,700       6  
Total Retail-Regional Department Store
             14  
Retail-Restaurants - 0.6%
                
Landry's Restaurants*
     800       7  
O'Charleys
     4,000       37  
Red Robin Gourmet Burgers*
     7,000       131  
Total Retail-Restaurants
             175  
Retail-Sporting Goods - 0.5%
                
Dick's Sporting Goods*
     8,500       146  
Total Retail-Sporting Goods
             146  
Retail-Toy Store - 0.4%
                
Build-A-Bear Workshop*
     29,300       131  
Total Retail-Toy Store
             131  
Retirement/Aged Care - 0.0%
                
Five Star Quality Care*
     4,480       9  
Total Retirement/Aged Care
             9  
S&L/Thrifts-Central US - 0.0%
                
First Place Financial
     1,800       6  
Total S&L/Thrifts-Central US
             6  
S&L/Thrifts-Eastern US - 2.1%
                
Astoria Financial
     19,700       169  
Berkshire Hills Bancorp
     4,300       89  
Brookline Bancorp
     11,550       108  
Dime Community Bancshares
     12,500       114  
NewAlliance Bancshares
     7,050       81  
Provident New York Bancorp
     8,550       69  
Total S&L/Thrifts-Eastern US
             630  
S&L/Thrifts-Southern US - 0.2%
                
First Financial Holdings
     5,300       50  
Total S&L/Thrifts-Southern US
             50  
Satellite Telecommunications - 0.4%
                
Hughes Communications*
     5,300       121  
Total Satellite Telecommunications
             121  
Semiconductor Equipment - 1.8%
                
Entegris*
     25,100       68  
Kulicke & Soffa Industries*
     22,600       78  
Rudolph Technologies*
     1,700       9  
Ultra Clean Holdings*
     4,000       10  
Veeco Instruments*
     31,060       360  
Total Semiconductor Equipment
             525  
Steel-Specialty - 1.3%
                
Universal Stainless & Alloy*
     24,200       394  
Total Steel-Specialty
             394  
Telecommunications Equipment - 1.7%
                
Plantronics
     17,350       328  
Sonus Networks*
     106,500       171  
Total Telecommunications Equipment
             499  
Telecommunications Equipment-Fiber Optics - 0.6%
                
Ciena*
     7,600       79  
Harmonic*
     14,900       88  
Total Telecommunications Equipment-Fiber Optics
             167  
Telecommunications Services - 0.6%
                
Harris Stratex Networks, Cl A*
     1,810       12  
MasTec*
     13,000       152  
Total Telecommunications Services
             164  
Toys - 0.8%
                
Jakks Pacific*
     18,200       234  
Total Toys
             234  
Transactional Software - 0.4%
                
Innerworkings*
     22,600       107  
Total Transactional Software
             107  
Transportation-Air Freight - 0.8%
                
Atlas Air Worldwide Holdings*
     10,155       236  
Total Transportation-Air Freight
             236  
Transportation-Equipment & Leasing - 0.4%
                
Greenbrier
     16,300       117  
Total Transportation-Equipment & Leasing
             117  
Transportation-Marine - 0.1%
                
American Commercial Lines*
     450       7  
Horizon Lines, Cl A
     1,700       7  
Total Transportation-Marine
             14  
Transportation-Truck - 2.2%
                
Arkansas Best
     8,900       235  
Forward Air
     9,750       208  
Landstar System
     5,300       190  
Total Transportation-Truck
             633  
Water - 0.5%
                
Consolidated Water
     8,450       134  
Total Water
             134  
Total Common Stock (Cost $29,273)
             28,926  
Money Market Fund - 2.1%
                
Dreyfus Cash Management Fund, Institutional Class, 0.411% (A)
     609,737       610  
Total Money Market Fund (Cost $610)
             610  
Total Investments - 100.3% (Cost $29,883)†
             29,536  
Other Assets and Liabilities, Net - (0.3)%
             (89 )
Total Net Assets - 100.0%
           $ 29,447  

  * Non-income producing security.
                  
 (A) The rate reported represents the 7-day effective yield as of June 30, 2009.
                  
                   
 ADR - American Depositary Receipt
                  
 Cl - Class
                  
 REITs - Real Estate Investment Trusts
                  
 S&L - Savings and Loan
                  
                   
† At June 30, 2009, the approximate tax basis cost of the Fund’s investments was $29,883 (000), and the unrealized appreciation and depreciation were $3,781 (000) and $(4,128) (000), respectively.
  
                   
 Cost figures are shown with "000's" omitted.
                  
                   
FAS 157 Footnote Disclosure:
                  
                   
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end. These inputs are summarized in three broad levels as follows:
  
                   
Level 1 – quoted prices in active markets for identical securities
              
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
              
Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
              
                   
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
              
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows (000):
              
                   
                   
Investments
  
Level 1
    
Level 2
    
Level 3
  
Common Stock
   $ 28,926     $ -     $ -  
Money Market Fund
     610       -       -  
Total Investments
   $ 29,536     $ -     $ -  
                         
                         
On June 24, 2009, the Board of Trustees of Old Mutual Funds II approved the liquidation of the Fund. The final liquidating distribution to shareholders was made on August 17, 2009
  

 
 
 
 
Old Mutual Focused Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Shares
    
Value (000)
  
Common Stock - 94.8%
            
Applications Software - 4.0%
            
Microsoft
     133,692     $ 3,178  
Total Applications Software
             3,178  
Beverages-Non-Alcoholic - 7.2%
                
Coca-Cola
     63,420       3,044  
PepsiCo
     47,660       2,619  
Total Beverages-Non-Alcoholic
             5,663  
Cable/Satellite TV - 3.7%
                
Comcast, Special Cl A
     208,133       2,935  
Total Cable/Satellite TV
             2,935  
Computers - 4.7%
                
Apple*
     13,490       1,921  
Dell*
     132,170       1,815  
Total Computers
             3,736  
Consumer Products-Miscellaneous - 3.4%
                
Kimberly-Clark
     50,700       2,658  
Total Consumer Products-Miscellaneous
             2,658  
Diversified Banking Institution - 3.2%
                
JPMorgan Chase
     73,890       2,520  
Total Diversified Banking Institution
             2,520  
Electronic Components-Semiconductors - 3.8%
                
Intel
     94,330       1,561  
Texas Instruments
     69,000       1,470  
Total Electronic Components-Semiconductors
             3,031  
Food-Retail - 4.4%
                
Safeway
     172,030       3,504  
Total Food-Retail
             3,504  
Independent Power Producer - 3.3%
                
NRG Energy*
     100,790       2,617  
Total Independent Power Producer
             2,617  
Medical Instruments - 4.7%
                
Medtronic
     106,460       3,714  
Total Medical Instruments
             3,714  
Medical Products - 8.3%
                
Johnson & Johnson
     67,620       3,841  
Zimmer Holdings*
     63,500       2,705  
Total Medical Products
             6,546  
Medical-Drugs - 4.9%
                
Wyeth
     85,400       3,876  
Total Medical-Drugs
             3,876  
Medical-HMO - 3.4%
                
UnitedHealth Group
     108,310       2,706  
Total Medical-HMO
             2,706  
Metal-Aluminum - 1.5%
                
Alcoa
     117,442       1,213  
Total Metal-Aluminum
             1,213  
Multi-line Insurance - 5.9%
                
Allstate
     75,110       1,833  
MetLife
     94,340       2,831  
Total Multi-line Insurance
             4,664  
Networking Products - 3.2%
                
Cisco Systems*
     136,910       2,552  
Total Networking Products
             2,552  
Oil Companies-Integrated - 3.2%
                
BP ADR
     53,260       2,539  
Total Oil Companies-Integrated
             2,539  
Oil-Field Services - 2.8%
                
Halliburton
     108,670       2,249  
Total Oil-Field Services
             2,249  
Pipelines - 3.5%
                
El Paso
     299,085       2,761  
Total Pipelines
             2,761  
Reinsurance - 4.9%
                
Berkshire Hathaway, Cl B*
     1,340       3,880  
Total Reinsurance
             3,880  
Retail-Drug Store - 4.3%
                
CVS Caremark
     107,110       3,414  
Total Retail-Drug Store
             3,414  
Semiconductor Components-Integrated Circuits - 1.2%
                
Maxim Integrated Products
     60,506       949  
Total Semiconductor Components-Integrated Circuits
             949  
Web Portals/ISP - 3.0%
                
Google, Cl A*
     5,640       2,378  
Total Web Portals/ISP
             2,378  
Wireless Equipment - 2.3%
                
Nokia ADR
     125,500       1,830  
Total Wireless Equipment
             1,830  
Total Common Stock (Cost $65,609)
             75,113  
Money Market Fund - 3.5%
                
Dreyfus Cash Management Fund, Institutional Class, 0.411% (A)
     2,778,550       2,779  
Total Money Market Fund (Cost $2,779)
             2,779  
Total Investments - 98.3% (Cost $68,388)†
             77,892  
Other Assets and Liabilities, Net - 1.7%
             1,349  
Total Net Assets 100.0%
           $ 79,241  

  * Non-income producing security.
      
 (A) The rate reported represents the 7-day effective yield as of June 30, 2009.
      
       
 ADR - American Depositary Receipt
      
 Cl - Class
      
 HMO - Health Maintenance Organization
      
 ISP - Internet Service Provider
      
       
† At June 30, 2009, the approximate tax basis cost of the Fund’s investments was $68,388 (000), and the unrealized appreciation and depreciation were $9,942 (000) and $(438) (000), respectively.
       
 Cost figures are shown with "000's" omitted.
      
       
FAS 157 Footnote Disclosure:
      
       
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end.  These inputs are summarized in three broad levels as follows:
       
                   Level 1 – quoted prices in active markets for identical securities
    
                   Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
                   Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
    
       
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows (000):
      
       
       
Investments
Level 1
Level 2
Level 3
Common Stock
 $   75,113
 $          -
 $             -
Money Market Fund
       2,779
            -
                -
Total Investments
 $   77,892
 $          -
 $             -

 
 
 
 
Old Mutual Growth Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Shares
    
Value (000)
  
Common Stock - 96.9%
            
Agricultural Chemicals - 0.5%
            
CF Industries Holdings
     22,350     $ 1,657  
Total Agricultural Chemicals
             1,657  
Airlines - 0.2%
                
Continental Airlines, Cl B*
     73,690       653  
Total Airlines
             653  
Apparel Manufacturers - 1.4%
                
Coach
     81,780       2,198  
Gildan Activewear*
     100,925       1,494  
VF
     13,475       746  
Total Apparel Manufacturers
             4,438  
Applications Software - 0.9%
                
Check Point Software Technologies*
     79,650       1,869  
Salesforce.com*
     26,930       1,028  
Total Applications Software
             2,897  
Auction House/Art Dealer - 0.9%
                
Ritchie Bros Auctioneers
     117,975       2,767  
Total Auction House/Art Dealer
             2,767  
Auto/Truck Parts & Equipment-Original - 0.2%
                
Magna International, Cl A
     18,250       771  
Total Auto/Truck Parts & Equipment-Original
             771  
Auto-Medium & Heavy Duty Trucks - 0.2%
                
Navistar International*
     12,510       545  
Total Auto-Medium & Heavy Duty Trucks
             545  
Batteries/Battery Systems - 0.5%
                
Energizer Holdings*
     31,090       1,624  
Total Batteries/Battery Systems
             1,624  
Beverages-Non-Alcoholic - 0.3%
                
Hansen Natural*
     35,630       1,098  
Total Beverages-Non-Alcoholic
             1,098  
Beverages-Wine/Spirits - 0.5%
                
Central European Distribution*
     65,550       1,742  
Total Beverages-Wine/Spirits
             1,742  
Broadcast Services/Programming - 0.7%
                
Discovery Communications, Cl A*
     47,362       1,068  
Discovery Communications, Cl C*
     50,037       1,027  
Total Broadcast Services/Programming
             2,095  
Building-Residential/Commercial - 0.8%
                
D.R. Horton
     155,610       1,457  
Pulte Homes
     137,020       1,210  
Total Building-Residential/Commercial
             2,667  
Cable/Satellite TV - 0.2%
                
Cablevision Systems, Cl A
     32,650       634  
Total Cable/Satellite TV
             634  
Casino Hotels - 0.5%
                
Wynn Resorts*
     46,320       1,635  
Total Casino Hotels
             1,635  
Cellular Telecommunications - 1.0%
                
MetroPCS Communications*
     78,890       1,050  
Millicom International Cellular*
     20,730       1,166  
NII Holdings*
     52,750       1,006  
Total Cellular Telecommunications
             3,222  
Chemicals-Diversified - 0.9%
                
FMC
     63,725       3,014  
Total Chemicals-Diversified
             3,014  
Chemicals-Specialty - 0.4%
                
Ecolab
     35,280       1,376  
Total Chemicals-Specialty
             1,376  
Coal - 0.6%
                
Consol Energy
     52,680       1,789  
Total Coal
             1,789  
Commercial Banks Non-US - 0.4%
                
HDFC Bank ADR
     12,025       1,240  
Total Commercial Banks Non-US
             1,240  
Commercial Banks-Eastern US - 0.4%
                
Signature Bank*
     44,750       1,214  
Total Commercial Banks-Eastern US
             1,214  
Commercial Services - 0.3%
                
Quanta Services*
     42,420       981  
Total Commercial Services
             981  
Commercial Services-Finance - 1.2%
                
Global Payments
     25,900       970  
Morningstar*
     27,800       1,146  
Paychex
     69,650       1,755  
Total Commercial Services-Finance
             3,871  
Computer Services - 1.8%
                
Cognizant Technology Solutions, Cl A*
     118,377       3,161  
IHS, Cl A*
     54,500       2,718  
Total Computer Services
             5,879  
Computers-Integrated Systems - 1.0%
                
Brocade Communications Systems*
     80,070       626  
Micros Systems*
     71,175       1,802  
Riverbed Technology*
     33,200       770  
Total Computers-Integrated Systems
             3,198  
Computers-Memory Devices - 0.7%
                
NetApp*
     119,640       2,359  
Total Computers-Memory Devices
             2,359  
Consumer Products-Miscellaneous - 0.5%
                
Tupperware Brands
     65,400       1,702  
Total Consumer Products-Miscellaneous
             1,702  
Cosmetics & Toiletries - 1.0%
                
Alberto-Culver
     44,020       1,119  
Avon Products
     83,580       2,155  
Total Cosmetics & Toiletries
             3,274  
Data Processing/Management - 1.1%
                
Fiserv*
     77,810       3,556  
Total Data Processing/Management
             3,556  
Decision Support Software - 0.5%
                
MSCI, Cl A*
     59,730       1,460  
Total Decision Support Software
             1,460  
Dialysis Centers - 1.0%
                
DaVita*
     66,790       3,303  
Total Dialysis Centers
             3,303  
Distribution/Wholesale - 2.1%
                
Fastenal
     28,310       939  
Genuine Parts
     70,500       2,366  
LKQ*
     203,800       3,353  
Total Distribution/Wholesale
             6,658  
Diversified Manufacturing Operations - 1.1%
                
Eaton
     19,825       884  
ESCO Technologies*
     20,690       927  
Parker Hannifin
     43,620       1,874  
Total Diversified Manufacturing Operations
             3,685  
Diversified Minerals - 0.2%
                
Teck Resources, Cl B*
     39,110       623  
Total Diversified Minerals
             623  
E-Commerce/Products - 0.2%
                
MercadoLibre*
     26,350       708  
Total E-Commerce/Products
             708  
E-Commerce/Services - 0.5%
                
priceline.com*
     12,700       1,417  
Total E-Commerce/Services
             1,417  
Electric-Generation - 0.2%
                
AES*
     50,080       581  
Total Electric-Generation
             581  
Electric-Integrated - 2.7%
                
Northeast Utilities
     111,950       2,498  
NorthWestern
     102,000       2,322  
Portland General Electric
     90,775       1,768  
PPL
     62,500       2,060  
Total Electric-Integrated
             8,648  
Electric-Transmission - 0.6%
                
ITC Holdings
     45,350       2,057  
Total Electric-Transmission
             2,057  
Electronic Components-Semiconductors - 3.6%
                
Broadcom, Cl A*
     112,460       2,788  
Cree*
     85,225       2,505  
Microchip Technology
     88,000       1,984  
Micron Technology*
     426,380       2,157  
Netlogic Microsystems*
     17,160       626  
PMC - Sierra*
     204,540       1,628  
Total Electronic Components-Semiconductors
             11,688  
Electronic Forms - 0.3%
                
Adobe Systems*
     38,880       1,100  
Total Electronic Forms
             1,100  
Electronic Measuring Instruments - 0.5%
                
Itron*
     30,825       1,698  
Total Electronic Measuring Instruments
             1,698  
Electronics-Military - 0.7%
                
L-3 Communications Holdings
     30,550       2,120  
Total Electronics-Military
             2,120  
Engineering/R&D Services - 1.3%
                
McDermott International*
     65,090       1,322  
URS*
     56,705       2,808  
Total Engineering/R&D Services
             4,130  
Engines-Internal Combustion - 0.6%
                
Cummins
     56,510       1,990  
Total Engines-Internal Combustion
             1,990  
Enterprise Software/Services - 0.8%
                
BMC Software*
     17,820       602  
Sybase*
     64,250       2,014  
Total Enterprise Software/Services
             2,616  
Entertainment Software - 0.5%
                
Activision Blizzard*
     132,780       1,677  
Total Entertainment Software
             1,677  
Fiduciary Banks - 0.7%
                
Northern Trust
     40,570       2,178  
Total Fiduciary Banks
             2,178  
Finance-Investment Banker/Broker - 1.5%
                
TD Ameritrade Holding*
     283,205       4,967  
Total Finance-Investment Banker/Broker
             4,967  
Finance-Other Services - 0.6%
                
IntercontinentalExchange*
     18,310       2,092  
Total Finance-Other Services
             2,092  
Food-Baking - 0.6%
                
Flowers Foods
     85,825       1,874  
Total Food-Baking
             1,874  
Food-Confectionery - 0.6%
                
JM Smucker
     37,975       1,848  
Total Food-Confectionery
             1,848  
Food-Retail - 0.6%
                
Whole Foods Market
     101,170       1,920  
Total Food-Retail
             1,920  
Hazardous Waste Disposal - 1.0%
                
Stericycle*
     64,985       3,349  
Total Hazardous Waste Disposal
             3,349  
Hotels & Motels - 0.6%
                
Starwood Hotels & Resorts Worldwide
     93,030       2,065  
Total Hotels & Motels
             2,065  
human Resources - 0.6%
                
Robert Half International
     82,450       1,947  
Total human Resources
             1,947  
Industrial Gases - 1.4%
                
Airgas
     112,410       4,556  
Total Industrial Gases
             4,556  
Insurance Brokers - 0.4%
                
AON
     32,875       1,245  
Total Insurance Brokers
             1,245  
Internet Infrastructure Software - 1.2%
                
Akamai Technologies*
     48,625       933  
F5 Networks*
     85,540       2,959  
Total Internet Infrastructure Software
             3,892  
Internet Security - 2.6%
                
McAfee*
     162,415       6,852  
VeriSign*
     77,090       1,425  
Total Internet Security
             8,277  
Intimate Apparel - 0.3%
                
Warnaco Group*
     25,170       816  
Total Intimate Apparel
             816  
Investment Management/Advisory Services - 2.1%
                
Blackrock
     8,000       1,403  
Eaton Vance
     68,975       1,845  
T Rowe Price Group
     63,190       2,633  
Waddell & Reed Financial, Cl A
     37,550       990  
Total Investment Management/Advisory Services
             6,871  
Leisure & Recreational Products - 0.6%
                
WMS Industries*
     63,140       1,990  
Total Leisure & Recreational Products
             1,990  
Life/Health Insurance - 0.5%
                
Lincoln National
     99,550       1,713  
Total Life/Health Insurance
             1,713  
Machine Tools & Related Products - 0.4%
                
Lincoln Electric Holdings
     38,625       1,392  
Total Machine Tools & Related Products
             1,392  
Machinery-Construction & Mining - 0.3%
                
Joy Global
     29,410       1,051  
Total Machinery-Construction & Mining
             1,051  
Machinery-Farm - 0.2%
                
AGCO*
     23,050       670  
Total Machinery-Farm
             670  
Machinery-Pumps - 0.7%
                
Flowserve
     30,825       2,152  
Total Machinery-Pumps
             2,152  
Medical Instruments - 1.8%
                
Beckman Coulter
     14,250       814  
Intuitive Surgical*
     11,210       1,835  
St. Jude Medical*
     61,300       2,519  
Techne
     8,525       544  
Total Medical Instruments
             5,712  
Medical Labs & Testing Services - 1.3%
                
Laboratory Corp of America Holdings*
     63,210       4,285  
Total Medical Labs & Testing Services
             4,285  
Medical Products - 1.4%
                
Haemonetics*
     39,450       2,249  
West Pharmaceutical Services
     65,325       2,277  
Total Medical Products
             4,526  
Medical-Biomedical/Genetic - 2.7%
                
Alexion Pharmaceuticals*
     72,080       2,964  
Illumina*
     53,340       2,077  
Life Technologies*
     24,800       1,035  
Myriad Genetics*
     19,880       709  
United Therapeutics*
     24,810       2,067  
Total Medical-Biomedical/Genetic
             8,852  
Medical-Drugs - 0.3%
                
Allergan
     19,600       933  
Myriad Pharmaceuticals*
     6,533       30  
Total Medical-Drugs
             963  
Medical-Wholesale Drug Distributors - 0.3%
                
AmerisourceBergen
     59,420       1,054  
Total Medical-Wholesale Drug Distributors
             1,054  
Metal Processors & Fabricators - 0.9%
                
Kaydon
     34,400       1,120  
Precision Castparts
     22,740       1,661  
Total Metal Processors & Fabricators
             2,781  
Metal-Aluminum - 0.4%
                
Alcoa
     122,160       1,262  
Total Metal-Aluminum
             1,262  
Multimedia - 0.6%
                
Factset Research Systems
     40,925       2,041  
Total Multimedia
             2,041  
Networking Products - 1.1%
                
Atheros Communications*
     99,710       1,918  
Juniper Networks*
     67,020       1,582  
Total Networking Products
             3,500  
Oil & Gas Drilling - 1.1%
                
Atlas America
     122,062       2,181  
Nabors Industries*
     90,560       1,411  
Total Oil & Gas Drilling
             3,592  
Oil Companies-Exploration & Production - 4.2%
                
Arena Resources*
     49,900       1,589  
Denbury Resources*
     139,000       2,047  
EQT
     73,250       2,557  
PetroHawk Energy*
     88,740       1,979  
Questar
     32,690       1,015  
Range Resources
     54,320       2,249  
Southwestern Energy*
     55,800       2,168  
Total Oil Companies-Exploration & Production
             13,604  
Oil Field Machinery & Equipment - 0.6%
                
Cameron International*
     64,000       1,811  
Total Oil Field Machinery & Equipment
             1,811  
Oil-Field Services - 1.2%
                
Core Laboratories
     28,675       2,499  
Oceaneering International*
     4,250       192  
Oil States International*
     42,300       1,024  
Total Oil-Field Services
             3,715  
Patient Monitoring Equipment - 0.3%
                
Masimo*
     40,250       970  
Total Patient Monitoring Equipment
             970  
Pharmacy Services - 1.9%
                
Express Scripts*
     68,090       4,681  
Omnicare
     50,210       1,293  
Total Pharmacy Services
             5,974  
Printing-Commercial - 0.3%
                
VistaPrint*
     21,770       928  
Total Printing-Commercial
             928  
Private Corrections - 0.6%
                
Corrections Corp of America*
     113,200       1,923  
Total Private Corrections
             1,923  
Property/Casualty Insurance - 0.8%
                
ProAssurance*
     53,750       2,484  
Total Property/Casualty Insurance
             2,484  
Quarrying - 0.4%
                
Compass Minerals International
     22,275       1,223  
Total Quarrying
             1,223  
Racetracks - 0.7%
                
Penn National Gaming*
     80,140       2,333  
Total Racetracks
             2,333  
Real Estate Management/Services - 0.2%
                
CB Richard Ellis Group, Cl A*
     70,140       657  
Total Real Estate Management/Services
             657  
Reinsurance - 0.8%
                
Axis Capital Holdings
     97,100       2,542  
Total Reinsurance
             2,542  
REITs-Apartments - 0.4%
                
Essex Property Trust
     22,775       1,417  
Total REITs-Apartments
             1,417  
REITs-Diversified - 1.0%
                
Digital Realty Trust
     91,005       3,263  
Total REITs-Diversified
             3,263  
REITs-Mortgage - 1.1%
                
Annaly Capital Management
     230,800       3,494  
Total REITs-Mortgage
             3,494  
REITs-Office Property - 0.5%
                
Corporate Office Properties Trust
     49,975       1,466  
Total REITs-Office Property
             1,466  
Rental Auto/Equipment - 0.5%
                
Aaron's
     58,300       1,739  
Total Rental Auto/Equipment
             1,739  
Respiratory Products - 0.7%
                
ResMed*
     57,300       2,334  
Total Respiratory Products
             2,334  
Retail-Apparel/Shoe - 2.2%
                
Guess?
     137,920       3,556  
Nordstrom
     60,890       1,211  
Urban Outfitters*
     105,220       2,196  
Total Retail-Apparel/Shoe
             6,963  
Retail-Auto Parts - 0.7%
                
O'Reilly Automotive*
     58,200       2,216  
Total Retail-Auto Parts
             2,216  
Retail-Computer Equipment - 0.4%
                
GameStop, Cl A*
     52,825       1,163  
Total Retail-Computer Equipment
             1,163  
Retail-Regional Department Store - 0.9%
                
Kohl's*
     69,050       2,952  
Total Retail-Regional Department Store
             2,952  
Retail-Restaurants - 0.8%
                
Darden Restaurants
     41,320       1,363  
Yum! Brands
     35,625       1,188  
Total Retail-Restaurants
             2,551  
Rubber-Tires - 0.4%
                
Goodyear Tire & Rubber*
     111,700       1,258  
Total Rubber-Tires
             1,258  
S&L/Thrifts-Eastern US - 0.2%
                
People's United Financial
     50,125       754  
Total S&L/Thrifts-Eastern US
             754  
Schools - 0.5%
                
New Oriental Education & Technology Group ADR*
     25,700       1,731  
Total Schools
             1,731  
Semiconductor Components-Integrated Circuits - 0.5%
                
Marvell Technology Group*
     132,140       1,538  
Total Semiconductor Components-Integrated Circuits
             1,538  
Semiconductor Equipment - 1.9%
                
ASML Holding
     69,490       1,504  
Lam Research*
     65,230       1,696  
Teradyne*
     191,960       1,317  
Varian Semiconductor Equipment Associates*
     68,905       1,653  
Total Semiconductor Equipment
             6,170  
Soap & Cleaning Preparation - 0.6%
                
Church & Dwight
     33,375       1,813  
Total Soap & Cleaning Preparation
             1,813  
Steel Pipe & Tube - 0.5%
                
Valmont Industries
     23,875       1,721  
Total Steel Pipe & Tube
             1,721  
Steel-Producers - 0.9%
                
Steel Dynamics
     86,640       1,276  
United States Steel
     43,180       1,543  
Total Steel-Producers
             2,819  
Superconductor Production & Systems - 0.5%
                
American Superconductor*
     60,700       1,593  
Total Superconductor Production & Systems
             1,593  
Telecommunications Equipment - 0.3%
                
Alcatel-Lucent ADR
     421,840       1,046  
Total Telecommunications Equipment
             1,046  
Telecommunications Equipment-Fiber Optics - 0.2%
                
Ciena*
     68,690       711  
Total Telecommunications Equipment-Fiber Optics
             711  
Therapeutics - 0.6%
                
BioMarin Pharmaceuticals*
     129,625       2,023  
Total Therapeutics
             2,023  
Tools-Hand Held - 0.2%
                
Snap-On
     23,625       679  
Total Tools-Hand Held
             679  
Transactional Software - 0.7%
                
Solera Holdings*
     87,425       2,221  
Total Transactional Software
             2,221  
Transportation-Rail - 0.2%
                
Kansas City Southern*
     34,200       551  
Total Transportation-Rail
             551  
Transportation-Services - 0.6%
                
CH Robinson Worldwide
     35,730       1,863  
Total Transportation-Services
             1,863  
Wireless Equipment - 0.7%
                
American Tower, Cl A*
     71,675       2,260  
Total Wireless Equipment
             2,260  
X-Ray Equipment - 0.3%
                
Hologic*
     56,244       800  
Total X-Ray Equipment
             800  
Total Common Stock (Cost $304,839)
             312,763  
Investment Company - 1.8%
                
Growth-Mid Cap - 1.8%
                
Midcap SPDR Trust, Series 1
     56,425       5,942  
Total Growth-Mid Cap
             5,942  
Total Investment Company (Cost $4,623)
             5,942  
Money Market Fund - 1.9%
                
Dreyfus Cash Management Fund, Institutional Class, 0.411% (A)
     6,013,676       6,014  
Total Money Market Fund (Cost $6,014)
             6,014  
Total Investments - 100.6% (Cost $315,476)†
             324,719  
Other Assets and Liabilities, Net - (0.6)%
             (1,944 )
Total Net Assets - 100.0%
           $ 322,775  

  * Non-income producing security.
      
 (A) The rate reported represents the 7-day effective yield as of June 30, 2009.
      
       
 ADR - American Depositary Receipt
      
 Cl - Class
      
 R&D - Research and Development
      
 REITs - Real Estate Investment Trusts
      
 S&L - Savings and Loan
      
       
† At June 30, 2009, the approximate tax basis cost of the Fund’s investments was $315,476 (000), and the unrealized appreciation and depreciation were $36,032 (000) and $(26,789) (000), respectively.
       
 Cost figures are shown with "000's" omitted.
      
       
FAS 157 Footnote Disclosure:
      
       
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end.  These inputs are summarized in three broad levels as follows:
       
                   Level 1 – quoted prices in active markets for identical securities
    
                   Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
                   Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
    
       
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows (000):
      
       
       
Investments
Level 1
Level 2
Level 3
Common Stock
 $ 312,763
 $            -
 $             -
Investment Company
       5,942
    
Money Market Fund
       6,014
               -
                -
Total Investments
 $ 324,719
 $            -
 $             -

 
 
 
 
Old Mutual Heitman REIT Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Shares
    
Value (000)
  
Common Stock - 97.7%
            
REITs-Apartments - 16.2%
            
American Campus Communities
     57,743     $ 1,281  
AvalonBay Communities
     35,295       1,974  
Camden Property Trust
     27,600       762  
Equity Residential
     52,131       1,159  
Essex Property Trust
     14,120       879  
Total REITs-Apartments
             6,055  
REITs-Diversified - 13.5%
                
Digital Realty Trust
     47,074       1,688  
PS Business Parks
     14,300       693  
Vornado Realty Trust
     38,364       1,727  
Washington Real Estate Investment Trust
     42,300       946  
Total REITs-Diversified
             5,054  
REITs-Health Care - 14.2%
                
HCP
     83,914       1,778  
Health Care REIT
     53,682       1,831  
Nationwide Health Properties
     15,491       399  
Ventas
     44,295       1,323  
Total REITs-Health Care
             5,331  
REITs-Hotels - 4.4%
                
Hospitality Properties Trust
     32,400       385  
Host Hotels & Resorts
     114,389       960  
LaSalle Hotel Properties
     25,000       308  
Total REITs-Hotels
             1,653  
REITs-Manufactured Homes - 2.7%
                
Equity Lifestyle Properties
     27,400       1,019  
Total REITs-Manufactured Homes
             1,019  
REITs-Office Property - 13.3%
                
Alexandria Real Estate Equities
     5,189       186  
BioMed Realty Trust
     31,600       323  
Boston Properties
     38,435       1,833  
Corporate Office Properties Trust
     45,100       1,323  
Highwoods Properties
     34,400       769  
Mack-Cali Realty
     23,200       529  
Total REITs-Office Property
             4,963  
REITs-Regional Malls - 11.6%
                
Simon Property Group
     84,727       4,357  
Total REITs-Regional Malls
             4,357  
REITs-Shopping Centers - 8.7%
                
Acadia Realty Trust
     9,956       130  
Federal Realty Investment Trust
     34,000       1,752  
Regency Centers
     26,593       928  
Tanger Factory Outlet Centers
     14,300       464  
Total REITs-Shopping Centers
             3,274  
REITs-Single Tenant - 1.4%
                
National Retail Properties
     30,135       523  
Total REITs-Single Tenant
             523  
REITs-Storage - 7.6%
                
Public Storage
     43,269       2,833  
Total REITs-Storage
             2,833  
REITs-Warehouse/Industrial - 4.1%
                
AMB Property
     13,874       261  
EastGroup Properties
     20,000       660  
Prologis
     78,100       629  
Total REITs-Warehouse/Industrial
             1,550  
Total Common Stock (Cost $33,955)
             36,612  
Money Market Fund - 0.8%
                
Dreyfus Cash Management Fund, Institutional Class, 0.411% (A)
     306,698       307  
Total Money Market Fund (Cost $307)
             307  
Total Investments - 98.5% (Cost $34,262)†
             36,919  
Other Assets and Liabilities, Net - 1.5%
             558  
Total Net Assets - 100.0%
           $ 37,477  

(A) The rate reported represents the 7-day effective yield as of June 30, 2009.
      
       
 REITs - Real Estate Investment Trusts
      
       
† At June 30, 2009, the approximate tax basis cost of the Fund’s investments was $34,262 (000), and the unrealized appreciation and depreciation were $4,486 (000) and $(1,829) (000), respectively.
       
 Cost figures are shown with "000's" omitted.
      
       
FAS 157 Footnote Disclosure:
      
       
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end.  These inputs are summarized in three broad levels as follows:
       
                   Level 1 – quoted prices in active markets for identical securities
    
                   Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
                   Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
    
       
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows (000):
    
       
       
Investments
Level 1
Level 2
Level 3
Common Stock
 $            36,612
 $         -
 $             -
Money Market Fund
                   307
            -
                -
Total Investments
 $            36,919
 $         -
 $             -

 
 
 
 
Old Mutual Large Cap Growth Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Shares
    
Value (000)
  
Common Stock - 98.1%
            
Agricultural Chemicals - 2.2%
            
Monsanto
     47,603     $ 3,539  
Total Agricultural Chemicals
             3,539  
Applications Software - 2.2%
                
Microsoft
     111,073       2,640  
Salesforce.com*
     24,720       944  
Total Applications Software
             3,584  
Beverages-Non-Alcoholic - 1.9%
                
PepsiCo
     54,830       3,013  
Total Beverages-Non-Alcoholic
             3,013  
Brewery - 1.3%
                
Cia de Bebidas das Americas ADR
     31,670       2,053  
Total Brewery
             2,053  
Building-Residential/Commercial - 0.7%
                
Pulte Homes
     131,220       1,159  
Total Building-Residential/Commercial
             1,159  
Casino Hotels - 0.6%
                
Wynn Resorts*
     28,320       1,000  
Total Casino Hotels
             1,000  
Cellular Telecommunications - 1.6%
                
China Mobile ADR
     49,720       2,490  
Total Cellular Telecommunications
             2,490  
Commercial Services-Finance - 2.0%
                
Visa, Cl A
     51,885       3,230  
Total Commercial Services-Finance
             3,230  
Computers - 7.6%
                
Apple*
     47,030       6,699  
Hewlett-Packard
     64,145       2,479  
International Business Machines
     27,725       2,895  
Total Computers
             12,073  
Consumer Products-Miscellaneous - 1.3%
                
Clorox
     38,010       2,122  
Total Consumer Products-Miscellaneous
             2,122  
Cosmetics & Toiletries - 1.2%
                
Procter & Gamble
     36,425       1,861  
Total Cosmetics & Toiletries
             1,861  
Disposable Medical Products - 1.1%
                
C.R. Bard
     22,655       1,687  
Total Disposable Medical Products
             1,687  
Diversified Banking Institution - 2.8%
                
Goldman Sachs Group
     14,890       2,195  
Morgan Stanley
     80,390       2,292  
Total Diversified Banking Institution
             4,487  
E-Commerce/Products - 1.7%
                
Amazon.com*
     31,760       2,657  
Total E-Commerce/Products
             2,657  
E-Commerce/Services - 1.7%
                
priceline.com*
     24,615       2,746  
Total E-Commerce/Services
             2,746  
Electric Products-Miscellaneous - 1.0%
                
Emerson Electric
     50,940       1,650  
Total Electric Products-Miscellaneous
             1,650  
Electronic Components-Semiconductors - 1.4%
                
Intel
     132,260       2,189  
Total Electronic Components-Semiconductors
             2,189  
Energy-Alternate Sources - 1.3%
                
First Solar*
     12,590       2,041  
Total Energy-Alternate Sources
             2,041  
Engineering/R&D Services - 1.7%
                
ABB ADR
     97,485       1,538  
Jacobs Engineering Group*
     27,695       1,166  
Total Engineering/R&D Services
             2,704  
Enterprise Software/Services - 1.2%
                
SAP ADR
     48,705       1,958  
Total Enterprise Software/Services
             1,958  
Fiduciary Banks - 2.5%
                
Northern Trust
     26,280       1,411  
State Street
     55,780       2,633  
Total Fiduciary Banks
             4,044  
Finance-Investment Banker/Broker - 2.1%
                
Charles Schwab
     189,050       3,316  
Total Finance-Investment Banker/Broker
             3,316  
Finance-Other Services - 1.0%
                
IntercontinentalExchange*
     13,710       1,566  
Total Finance-Other Services
             1,566  
Food-Wholesale/Distribution - 1.3%
                
Sysco
     89,420       2,010  
Total Food-Wholesale/Distribution
             2,010  
Industrial Gases - 1.6%
                
Praxair
     36,120       2,567  
Total Industrial Gases
             2,567  
Instruments-Scientific - 1.3%
                
Thermo Fisher Scientific*
     50,450       2,057  
Total Instruments-Scientific
             2,057  
Internet Security - 0.7%
                
McAfee*
     27,000       1,139  
Total Internet Security
             1,139  
Machinery-Pumps - 0.7%
                
Flowserve
     14,945       1,043  
Total Machinery-Pumps
             1,043  
Medical Instruments - 0.9%
                
St. Jude Medical*
     34,330       1,411  
Total Medical Instruments
             1,411  
Medical Products - 3.8%
                
Johnson & Johnson
     38,140       2,166  
Stryker
     44,770       1,779  
Varian Medical Systems*
     61,943       2,177  
Total Medical Products
             6,122  
Medical-Biomedical/Genetic - 3.3%
                
Amgen*
     29,644       1,569  
Gilead Sciences*
     80,510       3,771  
Total Medical-Biomedical/Genetic
             5,340  
Medical-Drugs - 2.8%
                
Abbott Laboratories
     93,935       4,419  
Total Medical-Drugs
             4,419  
Medical-Generic Drugs - 1.1%
                
Teva Pharmaceutical Industries ADR
     35,140       1,734  
Total Medical-Generic Drugs
             1,734  
Metal-Aluminum - 0.8%
                
Alcoa
     120,400       1,244  
Total Metal-Aluminum
             1,244  
Networking Products - 1.9%
                
Cisco Systems*
     160,685       2,995  
Total Networking Products
             2,995  
Oil Companies-Exploration & Production - 2.9%
                
Occidental Petroleum
     38,940       2,563  
Southwestern Energy*
     54,803       2,129  
Total Oil Companies-Exploration & Production
             4,692  
Oil Companies-Integrated - 1.3%
                
Petroleo Brasileiro ADR
     52,500       2,151  
Total Oil Companies-Integrated
             2,151  
Oil Field Machinery & Equipment - 1.5%
                
National Oilwell Varco*
     73,435       2,398  
Total Oil Field Machinery & Equipment
             2,398  
Oil-Field Services - 2.6%
                
Halliburton
     89,930       1,862  
Weatherford International*
     118,970       2,327  
Total Oil-Field Services
             4,189  
Pharmacy Services - 1.9%
                
Express Scripts*
     44,305       3,046  
Total Pharmacy Services
             3,046  
Retail-Building Products - 0.8%
                
Lowe's
     62,420       1,212  
Total Retail-Building Products
             1,212  
Retail-Computer Equipment - 0.9%
                
GameStop, Cl A*
     66,385       1,461  
Total Retail-Computer Equipment
             1,461  
Retail-Consumer Electronics - 0.6%
                
Best Buy
     29,860       1,000  
Total Retail-Consumer Electronics
             1,000  
Retail-Discount - 2.5%
                
Family Dollar Stores
     73,236       2,073  
Wal-Mart Stores
     39,060       1,892  
Total Retail-Discount
             3,965  
Retail-Drug Store - 1.8%
                
CVS Caremark
     88,110       2,808  
Total Retail-Drug Store
             2,808  
Retail-Restaurants - 1.2%
                
McDonald's
     34,720       1,996  
Total Retail-Restaurants
             1,996  
Semiconductor Equipment - 3.7%
                
Applied Materials
     205,960       2,259  
ASML Holding
     72,430       1,568  
Lam Research*
     82,000       2,132  
Total Semiconductor Equipment
             5,959  
Super-Regional Banks-US - 1.1%
                
PNC Financial Services Group
     43,260       1,679  
Total Super-Regional Banks-US
             1,679  
Telecommunications Equipment - 1.5%
                
Alcatel-Lucent ADR
     465,780       1,155  
Harris
     41,795       1,185  
Total Telecommunications Equipment
             2,340  
Telecommunications Equipment-Fiber Optics - 1.2%
                
Corning
     122,230       1,963  
Total Telecommunications Equipment-Fiber Optics
             1,963  
Transport-Rail - 1.1%
                
Union Pacific
     33,075       1,722  
Total Transport-Rail
             1,722  
Water - 1.5%
                
Aqua America
     136,772       2,448  
Total Water
             2,448  
Web Portals/ISP - 3.9%
                
Google, Cl A*
     14,580       6,147  
Total Web Portals/ISP
             6,147  
Wireless Equipment - 3.8%
                
Qualcomm
     132,492       5,989  
Total Wireless Equipment
             5,989  
Total Common Stock (Cost $156,182)
             156,415  
Money Market Fund - 2.1%
                
Dreyfus Cash Management Fund, Institutional Class, 0.411% (A)
     3,408,797       3,409  
Total Money Market Fund (Cost $3,409)
             3,409  
Total Investments - 100.2% (Cost $159,591)†
             159,824  
Other Assets and Liabilities, Net - (0.2)%
             (308 )
Total Net Assets - 100.0%
           $ 159,516  
                 
  * Non-income producing security.
      
 (A) The rate reported represents the 7-day effective yield as of June 30, 2009.
      
       
 ADR - American Depositary Receipt
      
 Cl - Class
      
 ISP - Internet Service Provider
      
 R&D - Research and Development
      
       
† At June 30, 2009, the approximate tax basis cost of the Fund’s investments was $159,591 (000), and the unrealized appreciation and depreciation were $17,790 (000) and $(17,557) (000), respectively.
       
 Cost figures are shown with "000's" omitted.
      
       
FAS 157 Footnote Disclosure:
      
       
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end.  These inputs are summarized in three broad levels as follows:
       
                   Level 1 – quoted prices in active markets for identical securities
    
                   Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
                   Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
    
       
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows (000):
    
       
       
Investments
Level 1
Level 2
Level 3
Common Stock
 $      156,415
 $        -
 $              -
Money Market Fund
             3,409
           -
                -
Total Investments
 $      159,824
 $        -
 $              -

 
 
 
 
Old Mutual Strategic Small Company Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Shares
    
Value (000)
  
Common Stock - 99.3%
            
Aerospace/Defense - 1.3%
            
Cubic
     13,660     $ 489  
Esterline Technologies*
     1       -  
Teledyne Technologies*
     8,988       294  
TransDigm Group*
     16,223       587  
Total Aerospace/Defense
             1,370  
Aerospace/Defense-Equipment - 0.9%
                
Orbital Sciences*
     59,713       906  
Total Aerospace/Defense-Equipment
             906  
Airlines - 1.0%
                
Allegiant Travel*
     12,008       476  
Copa Holdings, Cl A
     14,467       591  
Total Airlines
             1,067  
Alternative Waste Technologies - 0.2%
                
Calgon Carbon*
     18,758       261  
Total Alternative Waste Technologies
             261  
Apparel Manufacturers - 0.9%
                
True Religion Apparel*
     40,992       914  
Total Apparel Manufacturers
             914  
Applications Software - 0.7%
                
EPIQ Systems*
     8,128       125  
Nuance Communications*
     23,408       283  
Quest Software*
     26,224       366  
Total Applications Software
             774  
Audio/Video Products - 0.2%
                
DTS*
     8,806       238  
Total Audio/Video Products
             238  
Building & Construction-Miscellaneous - 0.4%
                
Insituform Technologies, Cl A*
     25,190       428  
Total Building & Construction-Miscellaneous
             428  
Building Products-Cement/Aggregate - 0.3%
                
Texas Industries
     11,405       358  
Total Building Products-Cement/Aggregate
             358  
Building-Heavy Construction - 0.7%
                
Granite Construction
     9,690       322  
Orion Marine Group*
     20,360       387  
Total Building-Heavy Construction
             709  
Casino Hotels - 0.5%
                
Ameristar Casinos
     24,120       459  
Monarch Casino & Resort*
     15,816       115  
Total Casino Hotels
             574  
Casino Services - 1.5%
                
Bally Technologies*
     36,777       1,100  
Scientific Games, Cl A*
     32,322       510  
Total Casino Services
             1,610  
Cellular Telecommunications - 0.4%
                
Cellcom Israel
     17,290       459  
Total Cellular Telecommunications
             459  
Chemicals-Diversified - 0.6%
                
Aceto
     17,160       114  
FMC
     5,260       249  
Solutia*
     44,800       258  
Total Chemicals-Diversified
             621  
Chemicals-Specialty - 0.4%
                
NewMarket
     6,890       464  
Total Chemicals-Specialty
             464  
Coatings/Paint - 0.4%
                
Valspar
     17,580       396  
Total Coatings/Paint
             396  
Coffee - 1.0%
                
Green Mountain Coffee Roasters*
     17,304       1,023  
Total Coffee
             1,023  
Commercial Banks-Central US - 0.2%
                
PrivateBancorp
     9,981       222  
Total Commercial Banks-Central US
             222  
Commercial Banks-Eastern US - 0.6%
                
Signature Bank*
     22,798       618  
Total Commercial Banks-Eastern US
             618  
Commercial Services - 0.4%
                
HMS Holdings*
     10,527       429  
Total Commercial Services
             429  
Commercial Services-Finance - 0.3%
                
Bankrate*
     12,109       306  
Total Commercial Services-Finance
             306  
Computer Aided Design - 0.4%
                
Ansys*
     14,148       441  
Total Computer Aided Design
             441  
Computer Graphics - 0.3%
                
Monotype Imaging Holdings*
     44,124       300  
Total Computer Graphics
             300  
Computer Services - 1.8%
                
3PAR*
     24,640       306  
CACI International, Cl A*
     6,656       284  
IHS, Cl A*
     12,018       599  
SYKES Enterprises*
     37,367       676  
Total Computer Services
             1,865  
Computer Software - 0.5%
                
Omniture*
     39,594       497  
Total Computer Software
             497  
Computers-Integrated Systems - 0.2%
                
MTS Systems
     8,120       168  
Total Computers-Integrated Systems
             168  
Computers-Memory Devices - 0.7%
                
Data Domain*
     12,694       423  
Netezza*
     40,340       336  
Total Computers-Memory Devices
             759  
Computers-Peripheral Equipment - 1.0%
                
Synaptics*
     26,472       1,023  
Total Computers-Peripheral Equipment
             1,023  
Consulting Services - 1.2%
                
FTI Consulting*
     3,662       186  
Huron Consulting Group*
     12,024       556  
Maximus
     11,232       463  
Total Consulting Services
             1,205  
Containers-Metal/Glass - 1.8%
                
Crown Holdings*
     16,875       407  
Greif, Cl A
     16,635       736  
Silgan Holdings
     14,205       697  
Total Containers-Metal/Glass
             1,840  
Containers-Paper/Plastic - 0.5%
                
Pactiv*
     22,046       478  
Total Containers-Paper/Plastic
             478  
Data Processing/Management - 1.1%
                
Broadridge Financial Solutions
     26,809       445  
Fiserv*
     14,715       673  
Total Data Processing/Management
             1,118  
Decision Support Software - 1.0%
                
MSCI, Cl A*
     24,121       590  
SPSS*
     12,685       423  
Total Decision Support Software
             1,013  
Diagnostic Kits - 1.2%
                
Idexx Laboratories*
     8,045       372  
Inverness Medical Innovations*
     7,427       264  
Meridian Bioscience
     29,274       661  
Total Diagnostic Kits
             1,297  
Disposable Medical Products - 0.4%
                
ICU Medical*
     11,185       460  
Total Disposable Medical Products
             460  
Distribution/Wholesale - 0.5%
                
Owens & Minor
     11,253       493  
Total Distribution/Wholesale
             493  
Diversified Operations/Commercial Services - 0.4%
                
Chemed
     11,494       454  
Total Diversified Operations/Commercial Services
             454  
E-Commerce/Products - 0.3%
                
MercadoLibre*
     10,761       289  
Total E-Commerce/Products
             289  
E-Commerce/Services - 0.7%
                
NetFlix*
     12,947       535  
priceline.com*
     2,164       241  
Total E-Commerce/Services
             776  
Educational Software - 1.4%
                
Blackboard*
     36,408       1,051  
Rosetta Stone*
     14,554       399  
Total Educational Software
             1,450  
Electric Products-Miscellaneous - 0.9%
                
Ametek
     14,000       484  
GrafTech International*
     37,660       426  
Total Electric Products-Miscellaneous
             910  
Electric-Transmission - 0.7%
                
ITC Holdings
     15,092       685  
Total Electric-Transmission
             685  
Electronic Components-Semiconductors - 1.1%
                
Applied Micro Circuits*
     25,443       207  
Microchip Technology
     30,508       688  
Silicon Laboratories*
     7,706       292  
Total Electronic Components-Semiconductors
             1,187  
Electronic Connectors - 0.3%
                
Amphenol, Cl A
     11,460       363  
Total Electronic Connectors
             363  
Electronic Design Automation - 0.3%
                
Synopsys*
     16,915       330  
Total Electronic Design Automation
             330  
Electronic Measuring Instruments - 1.2%
                
Axsys Technologies*
     8,488       455  
Flir Systems*
     12,812       289  
Itron*
     8,360       460  
Total Electronic Measuring Instruments
             1,204  
E-Marketing/Information - 0.3%
                
comScore*
     24,552       327  
Total E-Marketing/Information
             327  
Energy-Alternate Sources - 1.0%
                
Covanta Holding*
     24,488       415  
Trina Solar ADR*
     24,885       638  
Total Energy-Alternate Sources
             1,053  
Engineering/R&D Services - 0.4%
                
Stanley*
     12,662       416  
Total Engineering/R&D Services
             416  
Enterprise Software/Services - 1.5%
                
Informatica*
     16,005       275  
Mantech International, Cl A*
     7,517       324  
Open Text*
     5,805       211  
Sybase*
     12,001       376  
Tyler Technologies*
     24,745       387  
Total Enterprise Software/Services
             1,573  
Entertainment Software - 0.6%
                
THQ*
     89,743       643  
Total Entertainment Software
             643  
Environmental Consulting & Engineering - 0.5%
                
Tetra Tech*
     19,622       562  
Total Environmental Consulting & Engineering
             562  
E-Services/Consulting - 0.9%
                
GSI Commerce*
     29,761       424  
Sapient*
     82,793       521  
Total E-Services/Consulting
             945  
Finance-Investment Banker/Broker - 1.0%
                
Greenhill
     7,003       506  
MF Global*
     84,974       504  
Total Finance-Investment Banker/Broker
             1,010  
Finance-Other Services - 0.3%
                
IntercontinentalExchange*
     3,050       348  
Total Finance-Other Services
             348  
Food-Baking - 0.5%
                
Flowers Foods
     24,875       543  
Total Food-Baking
             543  
Food-Miscellaneous/Diversified - 0.3%
                
American Italian Pasta, Cl A*
     252       7  
Smart Balance*
     41,941       286  
Total Food-Miscellaneous/Diversified
             293  
Food-Retail - 0.4%
                
Ruddick
     18,611       436  
Total Food-Retail
             436  
Footwear & Related Apparel - 0.6%
                
Steven Madden*
     13,900       354  
Wolverine World Wide
     13,938       307  
Total Footwear & Related Apparel
             661  
Hazardous Waste Disposal - 1.0%
                
Clean Harbors*
     8,368       452  
Stericycle*
     10,700       551  
Total Hazardous Waste Disposal
             1,003  
Hotels & Motels - 0.3%
                
Choice Hotels International
     13,747       366  
Total Hotels & Motels
             366  
Human Resources - 1.8%
                
Emergency Medical Services, Cl A*
     16,601       611  
Heidrick & Struggles International
     31,485       575  
Monster Worldwide*
     32,651       386  
SuccessFactors*
     30,629       281  
Total Human Resources
             1,853  
Industrial Audio & Video Products - 0.3%
                
Dolby Laboratories, Cl A*
     7,769       290  
Total Industrial Audio & Video Products
             290  
Industrial Automation/Robot - 0.2%
                
Cognex
     14,133       200  
Total Industrial Automation/Robot
             200  
Instruments-Controls - 0.2%
                
Mettler Toledo International*
     2,878       222  
Total Instruments-Controls
             222  
Insurance Brokers - 0.2%
                
AON
     4,535       172  
Total Insurance Brokers
             172  
Internet Application Software - 1.1%
                
Cybersource*
     28,135       430  
DealerTrack Holdings*
     40,995       697  
Total Internet Application Software
             1,127  
Internet Content-Entertainment - 1.0%
                
Perfect World ADR*
     16,545       473  
Shanda Interactive Entertainment ADR*
     10,745       562  
Total Internet Content-Entertainment
             1,035  
Internet Infrastructure Software - 0.7%
                
AsiaInfo Holdings*
     21,310       367  
TeleCommunication Systems, Cl A*
     54,870       390  
Total Internet Infrastructure Software
             757  
Internet Security - 0.4%
                
Sourcefire*
     24,040       298  
VeriSign*
     7,745       143  
Total Internet Security
             441  
Investment Management/Advisory Services - 0.5%
                
Affiliated Managers Group*
     6,434       374  
Invesco
     7,667       137  
Total Investment Management/Advisory Services
             511  
Lasers-Systems/Components - 0.4%
                
Cymer*
     12,307       366  
Total Lasers-Systems/Components
             366  
Leisure & Recreational Products - 0.4%
                
WMS Industries*
     13,209       416  
Total Leisure & Recreational Products
             416  
Machine Tools & Related Products - 0.6%
                
Kennametal
     22,078       423  
Lincoln Electric Holdings
     4,322       156  
Total Machine Tools & Related Products
             579  
Machinery-Construction & Mining - 0.5%
                
Terex*
     47,267       571  
Total Machinery-Construction & Mining
             571  
Machinery-General Industry - 0.8%
                
Roper Industries
     9,825       445  
Wabtec
     11,566       372  
Total Machinery-General Industry
             817  
Machinery-Pumps - 0.1%
                
Graco
     6,115       135  
Total Machinery-Pumps
             135  
Medical Information Systems - 0.5%
                
athenahealth*
     9,621       356  
Phase Forward*
     11,257       170  
Total Medical Information Systems
             526  
Medical Instruments - 2.1%
                
Bruker*
     36,450       338  
Conceptus*
     18,692       316  
NuVasive*
     5,500       245  
Techne
     5,500       351  
Thoratec*
     21,748       582  
Volcano*
     26,870       376  
Total Medical Instruments
             2,208  
Medical Labs & Testing Services - 1.0%
                
Genoptix*
     13,985       447  
Laboratory Corp of America Holdings*
     8,290       562  
Total Medical Labs & Testing Services
             1,009  
Medical Products - 2.3%
                
American Medical Systems Holding*
     26,805       424  
Cyberonics*
     33,839       563  
Haemonetics*
     6,415       366  
PSS World Medical*
     25,237       467  
Zoll Medical*
     31,802       615  
Total Medical Products
             2,435  
Medical-Biomedical/Genetic - 4.1%
                
Acorda Therapeutics*
     13,999       395  
Alexion Pharmaceuticals*
     13,338       548  
American Oriental Bioengineering*
     50,745       268  
Bio-Rad Laboratories, Cl A*
     7,425       560  
Cubist Pharmaceuticals*
     22,172       406  
Dendreon*
     23,313       579  
Halozyme Therapeutics*
     59,288       413  
Illumina*
     8,619       336  
Martek Biosciences*
     13,553       287  
United Therapeutics*
     6,373       531  
Total Medical-Biomedical/Genetic
             4,323  
Medical-Drugs - 0.9%
                
PharMerica*
     29,956       588  
Viropharma*
     52,362       311  
Total Medical-Drugs
             899  
Medical-HMO - 0.4%
                
Centene*
     20,775       415  
Total Medical-HMO
             415  
Medical-Nursing Homes - 0.3%
                
Sun Healthcare Group*
     42,984       363  
Total Medical-Nursing Homes
             363  
Medical-Outpatient/Home Medical - 1.3%
                
Almost Family*
     19,724       515  
LHC Group*
     17,023       378  
Lincare Holdings*
     21,140       497  
Total Medical-Outpatient/Home Medical
             1,390  
Motion Pictures & Services - 0.6%
                
DreamWorks Animation SKG, Cl A*
     22,378       617  
Total Motion Pictures & Services
             617  
Networking Products - 2.2%
                
Anixter International*
     7,272       273  
Atheros Communications*
     35,714       687  
LogMeIn*
     4,449       71  
Polycom*
     33,910       687  
Starent Networks*
     25,259       617  
Total Networking Products
             2,335  
Non-Hazardous Waste Disposal - 0.6%
                
Waste Connections*
     24,425       633  
Total Non-Hazardous Waste Disposal
             633  
Oil & Gas Drilling - 0.6%
                
Atwood Oceanics*
     10,997       274  
Helmerich & Payne
     10,180       314  
Total Oil & Gas Drilling
             588  
Oil Companies-Exploration & Production - 2.0%
                
Arena Resources*
     7,529       240  
Carrizo Oil & Gas*
     22,265       382  
Comstock Resources*
     14,707       486  
Concho Resources*
     17,571       504  
GMX Resources*
     14,337       153  
Mariner Energy*
     5,036       59  
SandRidge Energy*
     36,517       311  
Total Oil Companies-Exploration & Production
             2,135  
Oil Field Machinery & Equipment - 0.7%
                
Dresser-Rand Group*
     14,405       376  
NATCO Group, Cl A*
     12,266       404  
Total Oil Field Machinery & Equipment
             780  
Oil-Field Services - 0.7%
                
Core Laboratories
     4,692       409  
Superior Energy Services*
     17,234       298  
Total Oil-Field Services
             707  
Paper & Related Products - 0.6%
                
Rayonier
     16,710       607  
Total Paper & Related Products
             607  
Patient Monitoring Equipment - 1.0%
                
CardioNet*
     37,083       605  
Mindray Medical International ADR
     15,020       419  
Total Patient Monitoring Equipment
             1,024  
Pharmacy Services - 0.5%
                
Catalyst Health Solutions*
     19,416       484  
Total Pharmacy Services
             484  
Physician Practice Management - 0.3%
                
Mednax*
     7,875       332  
Total Physician Practice Management
             332  
Printing-Commercial - 1.0%
                
VistaPrint*
     24,585       1,049  
Total Printing-Commercial
             1,049  
Property/Casualty Insurance - 2.9%
                
Amerisafe*
     30,885       481  
Arch Capital Group*
     7,375       432  
Enstar Group*
     6,940       408  
Hanover Insurance Group
     21,295       812  
Tower Group
     12,272       304  
Zenith National Insurance
     25,863       562  
Total Property/Casualty Insurance
             2,999  
Publishing-Books - 0.7%
                
John Wiley & Sons, Cl A
     21,325       709  
Total Publishing-Books
             709  
Racetracks - 0.9%
                
Penn National Gaming*
     31,824       926  
Total Racetracks
             926  
Reinsurance - 1.1%
                
Allied World Assurance Holdings
     8,262       337  
Aspen Insurance Holdings
     22,025       492  
Reinsurance Group of America
     10,030       350  
Total Reinsurance
             1,179  
Research & Development - 0.4%
                
Parexel International*
     30,068       432  
Total Research & Development
             432  
Respiratory Products - 0.3%
                
ResMed*
     7,097       289  
Total Respiratory Products
             289  
Retail-Apparel/Shoe - 1.5%
                
Aeropostale*
     19,933       683  
American Eagle Outfitters
     14,601       207  
Guess?
     9,384       242  
Gymboree*
     11,587       411  
Total Retail-Apparel/Shoe
             1,543  
Retail-Auto Parts - 0.3%
                
O'Reilly Automotive*
     9,535       363  
Total Retail-Auto Parts
             363  
Retail-Convenience Store - 0.4%
                
Pantry*
     27,119       450  
Total Retail-Convenience Store
             450  
Retail-Discount - 0.4%
                
Citi Trends*
     15,845       410  
Total Retail-Discount
             410  
Retail-Fabric Store - 0.4%
                
Jo-Ann Stores*
     20,735       429  
Total Retail-Fabric Store
             429  
Retail-Gardening Products - 0.3%
                
Tractor Supply*
     6,440       266  
Total Retail-Gardening Products
             266  
Retail-Pawn Shops - 0.0%
                
Ezcorp, Cl A*
     1       -  
Total Retail-Pawn Shops
             -  
Retail-Pet Food & Supplies - 0.7%
                
PetMed Express*
     26,129       393  
PetSmart
     15,815       339  
Total Retail-Pet Food & Supplies
             732  
Retail-Restaurants - 2.1%
                
Buffalo Wild Wings*
     16,494       536  
California Pizza Kitchen*
     25,230       335  
Panera Bread, Cl A*
     5,650       282  
Red Robin Gourmet Burgers*
     12,966       243  
Texas Roadhouse, Cl A*
     69,118       754  
Total Retail-Restaurants
             2,150  
Retail-Sporting Goods - 0.9%
                
Hibbett Sports*
     50,048       901  
Total Retail-Sporting Goods
             901  
Schools - 2.3%
                
American Public Education*
     10,514       416  
Capella Education*
     20,280       1,216  
Grand Canyon Education*
     21,871       367  
Lincoln Educational Services*
     20,905       438  
Total Schools
             2,437  
Semiconductor Components-Integrated Circuits - 0.3%
                
Cypress Semiconductor*
     29,662       273  
Total Semiconductor Components-Integrated Circuits
             273  
Semiconductor Equipment - 0.9%
                
MKS Instruments*
     19,829       262  
Tessera Technologies*
     27,559       697  
Total Semiconductor Equipment
             959  
Software Tools - 0.8%
                
ArcSight*
     44,160       785  
Total Software Tools
             785  
Telecommunications Equipment - 1.0%
                
Arris Group*
     23,577       287  
Comtech Telecommunications*
     22,629       721  
Tellabs*
     3       -  
Total Telecommunications Equipment
             1,008  
Telecommunications Services - 1.2%
                
Neutral Tandem*
     29,672       876  
NTELOS Holdings
     21,660       399  
Total Telecommunications Services
             1,275  
Textile-Apparel - 0.4%
                
Cherokee
     19,262       382  
Total Textile-Apparel
             382  
Tools-Hand Held - 0.3%
                
Snap-On
     11,815       340  
Total Tools-Hand Held
             340  
Transactional Software - 0.7%
                
Solera Holdings*
     30,349       771  
Total Transactional Software
             771  
Transportation-Marine - 0.3%
                
Genco Shipping & Trading
     12,932       281  
Total Transportation-Marine
             281  
Transportation-Services - 0.3%
                
HUB Group, Cl A*
     14,347       296  
Total Transportation-Services
             296  
Transportation-Truck - 0.9%
                
Con-way
     6,480       229  
Landstar System
     18,790       675  
Total Transportation-Truck
             904  
Water - 0.2%
                
Pico Holdings*
     7,725       222  
Total Water
             222  
Web Portals/ISP - 0.4%
                
Sohu.com*
     6,800       427  
Total Web Portals/ISP
             427  
Wireless Equipment - 0.7%
                
InterDigital*
     16,833       411  
SBA Communications, Cl A*
     14,708       361  
Total Wireless Equipment
             772  
Total Common Stock (Cost $93,821)
             103,792  
Money Market Fund - 2.0%
                
Dreyfus Cash Management Fund, Institutional Class, 0.411% (A)
     2,085,184       2,085  
Total Money Market Fund (Cost $2,085)
             2,085  
Total Investments - 101.3% (Cost $95,906)†
             105,877  
Other Assets and Liabilities, Net - (1.3)%
             (1,317 )
Total Net Assets - 100.0%
           $ 104,560  

  * Non-income producing security.
      
 (A) The rate reported represents the 7-day effective yield as of June 30, 2009.
      
       
 ADR - American Depositary Receipt
      
 Cl - Class
      
 HMO - Health Maintenance Organization
      
 ISP - Internet Service Provider
      
 R&D - Research and Development
      
       
† At June 30, 2009, the approximate tax basis cost of the Fund’s investments was $95,906 (000), and the unrealized appreciation and depreciation were $12,531 (000) and $(2,560) (000), respectively.
       
 Cost figures are shown with "000's" omitted.
      
 Amount designated as "-" are either $0 or have been rounded to $0.
      
       
FAS 157 Footnote Disclosure:
      
       
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end.  These inputs are summarized in three broad levels as follows:
       
                   Level 1 – quoted prices in active markets for identical securities
    
                   Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
                   Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
    
       
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows (000):
      
       
       
Investments
Level 1
Level 2
Level 3
Common Stock
 $ 103,792
 $          -
 $               -
Money Market Fund
       2,085
            -
                  -
Total Investments
 $ 105,877
 $          -
 $               -

 
 
 
 
Old Mutual TS&W Mid-Cap Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Shares
    
Value (000)
  
Common Stock - 94.9%
            
Aerospace/Defense-Equipment - 1.6%
            
Alliant Techsystems*
     32,050     $ 2,640  
Total Aerospace/Defense-Equipment
             2,640  
Agricultural Chemicals - 1.0%
                
Agrium
     42,650       1,701  
Total Agricultural Chemicals
             1,701  
Apparel Manufacturers - 0.8%
                
VF
     25,400       1,406  
Total Apparel Manufacturers
             1,406  
Brewery - 1.8%
                
Molson Coors Brewing, Cl B
     70,400       2,980  
Total Brewery
             2,980  
Cable/Satellite TV - 1.0%
                
Cablevision Systems, Cl A
     88,000       1,708  
Total Cable/Satellite TV
             1,708  
Chemicals-Diversified - 1.1%
                
Celanese, Ser A
     76,600       1,819  
Total Chemicals-Diversified
             1,819  
Chemicals-Specialty - 1.8%
                
Lubrizol
     64,300       3,042  
Total Chemicals-Specialty
             3,042  
Coal - 0.9%
                
Consol Energy
     44,650       1,516  
Total Coal
             1,516  
Commercial Services-Finance - 1.8%
                
Global Payments
     79,800       2,989  
Total Commercial Services-Finance
             2,989  
Computers-Memory Devices - 1.8%
                
Western Digital*
     112,500       2,981  
Total Computers-Memory Devices
             2,981  
Consulting Services - 1.7%
                
SAIC*
     160,000       2,968  
Total Consulting Services
             2,968  
Containers-Metal/Glass - 2.2%
                
Crown Holdings*
     154,100       3,720  
Total Containers-Metal/Glass
             3,720  
Data Processing/Management - 2.2%
                
Fidelity National Information Services
     189,700       3,786  
Total Data Processing/Management
             3,786  
Electric-Generation - 1.0%
                
AES*
     150,900       1,752  
Total Electric-Generation
             1,752  
Electric-Integrated - 7.1%
                
OGE Energy
     108,300       3,067  
PG&E
     95,600       3,675  
PPL
     110,250       3,634  
TECO Energy
     133,980       1,598  
Total Electric-Integrated
             11,974  
Engines-Internal Combustion - 1.0%
                
Cummins
     48,700       1,715  
Total Engines-Internal Combustion
             1,715  
Enterprise Software/Services - 4.0%
                
BMC Software*
     113,750       3,844  
Sybase*
     92,750       2,907  
Total Enterprise Software/Services
             6,751  
Fiduciary Banks - 0.9%
                
Northern Trust
     28,200       1,514  
Total Fiduciary Banks
             1,514  
Filtration/Separation Products - 0.9%
                
Pall
     58,850       1,563  
Total Filtration/Separation Products
             1,563  
Finance-Investment Banker/Broker - 2.4%
                
TD Ameritrade Holding*
     232,900       4,085  
Total Finance-Investment Banker/Broker
             4,085  
Food-Miscellaneous/Diversified - 0.9%
                
HJ Heinz
     44,500       1,589  
Total Food-Miscellaneous/Diversified
             1,589  
Food-Retail - 1.0%
                
Kroger
     74,300       1,638  
Total Food-Retail
             1,638  
Gas-Distribution - 2.7%
                
Centerpoint Energy
     154,950       1,717  
Sempra Energy
     59,100       2,933  
Total Gas-Distribution
             4,650  
Gold Mining - 1.7%
                
Randgold Resources ADR
     44,200       2,836  
Total Gold Mining
             2,836  
Human Resources - 1.7%
                
Hewitt Associates, Cl A*
     99,050       2,950  
Total Human Resources
             2,950  
Insurance Brokers - 1.7%
                
Willis Group Holdings
     114,190       2,938  
Total Insurance Brokers
             2,938  
Internet Security - 1.7%
                
Symantec*
     187,800       2,922  
Total Internet Security
             2,922  
Medical Information Systems - 1.0%
                
Cerner*
     27,500       1,713  
Total Medical Information Systems
             1,713  
Medical Labs & Testing Services - 2.5%
                
Quest Diagnostics
     76,400       4,311  
Total Medical Labs & Testing Services
             4,311  
Medical Products - 2.7%
                
Hospira*
     118,100       4,549  
Total Medical Products
             4,549  
Medical-Biomedical/Genetic - 1.7%
                
Life Technologies*
     70,346       2,935  
Total Medical-Biomedical/Genetic
             2,935  
Medical-Drugs - 1.3%
                
King Pharmaceuticals*
     222,200       2,140  
Total Medical-Drugs
             2,140  
Medical-Generic Drugs - 1.0%
                
Mylan*
     129,700       1,693  
Total Medical-Generic Drugs
             1,693  
Medical-Hospitals - 2.2%
                
Universal Health Services, Cl B
     76,700       3,747  
Total Medical-Hospitals
             3,747  
Non-Hazardous Waste Disposal - 1.8%
                
Republic Services
     122,215       2,983  
Total Non-Hazardous Waste Disposal
             2,983  
Oil & Gas Drilling - 0.9%
                
Noble
     52,100       1,576  
Total Oil & Gas Drilling
             1,576  
Oil Companies-Exploration & Production - 2.0%
                
PetroHawk Energy*
     78,300       1,746  
Questar
     53,800       1,671  
Total Oil Companies-Exploration & Production
             3,417  
Pipelines - 1.3%
                
Oneok
     72,100       2,126  
Total Pipelines
             2,126  
Property/Casualty Insurance - 3.1%
                
Arch Capital Group*
     49,950       2,926  
WR Berkley
     107,650       2,311  
Total Property/Casualty Insurance
             5,237  
Racetracks - 1.0%
                
Penn National Gaming*
     57,500       1,674  
Total Racetracks
             1,674  
Reinsurance - 3.3%
                
PartnerRe
     43,800       2,845  
RenaissanceRe Holdings
     59,950       2,790  
Total Reinsurance
             5,635  
REITs-Health Care - 1.4%
                
Health Care REIT
     23,100       788  
Nationwide Health Properties
     61,400       1,580  
Total REITs-Health Care
             2,368  
Retail-Apparel/Shoe - 2.1%
                
Ross Stores
     92,200       3,559  
Total Retail-Apparel/Shoe
             3,559  
Retail-Auto Parts - 2.3%
                
Advance Auto Parts
     92,400       3,834  
Total Retail-Auto Parts
             3,834  
Retail-Discount - 2.2%
                
Dollar Tree*
     90,700       3,818  
Total Retail-Discount
             3,818  
Retail-Major Department Store - 2.5%
                
TJX
     136,300       4,288  
Total Retail-Major Department Store
             4,288  
Retail-Regional Department Store - 1.8%
                
Macy's
     254,100       2,988  
Total Retail-Regional Department Store
             2,988  
Satellite Telecommunications - 0.9%
                
EchoStar, Cl A*
     97,400       1,553  
Total Satellite Telecommunications
             1,553  
Semiconductor Components-Integrated Circuits - 2.5%
                
Marvell Technology Group*
     365,600       4,256  
Total Semiconductor Components-Integrated Circuits
             4,256  
Telecommunications Equipment - 0.9%
                
Harris
     56,200       1,594  
Total Telecommunications Equipment
             1,594  
Telephone-Integrated - 1.7%
                
Windstream
     340,500       2,847  
Total Telephone-Integrated
             2,847  
Web Portals/ISP - 2.4%
                
Netease.com ADR*
     113,700       4,000  
Total Web Portals/ISP
             4,000  
Total Common Stock (Cost $150,807)
             160,974  
Money Market Fund - 6.5%
                
Dreyfus Cash Management Fund, Institutional Class, 0.411% (A)
     11,102,174       11,102  
Total Money Market Fund (Cost $11,102)
             11,102  
Total Investments - 101.4% (Cost $161,909)†
             172,076  
Other Assets and Liabilities, Net - (1.4)%
             (2,296 )
Total Net Assets - 100.0%            
           $ 169,780  
                 
  * Non-income producing security.
      
 (A) The rate reported represents the 7-day effective yield as of June 30, 2009.
      
       
 ADR - American Depositary Receipt
      
 Cl - Class
      
 ISP - Internet Service Provider
      
 REITs - Real Estate Investment Trusts
      
 Ser - Series
      
       
† At June 30, 2009, the approximate tax basis cost of the Fund’s investments was $161,909 (000), and the unrealized appreciation and depreciation were $13,618 (000) and $(3,451) (000), respectively.
       
 Cost figures are shown with "000's" omitted.
      
       
FAS 157 Footnote Disclosure:
      
       
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end.  These inputs are summarized in three broad levels as follows:
       
                   Level 1 – quoted prices in active markets for identical securities
    
                   Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
                   Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
    
       
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows (000):
      
       
       
Investments
Level 1
Level 2
Level 3
Common Stock
 $   160,974
 $         -
 $             -
Money Market Fund
       11,102
           -
                -
Total Investments
 $   172,076
 $         -
 $             -

 
 
 
 
Old Mutual TS&W Small Cap Value Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Shares
    
Value (000)
  
Common Stock - 96.4%
            
Advanced Materials/Products - 0.4%
            
Ceradyne*
     15,200     $ 268  
Total Advanced Materials/Products
             268  
Aerospace/Defense-Equipment - 3.1%
                
Curtiss-Wright
     31,600       939  
Kaman
     15,600       261  
Orbital Sciences*
     66,680       1,012  
Total Aerospace/Defense-Equipment
             2,212  
Agricultural Operations - 1.0%
                
Andersons
     25,000       749  
Total Agricultural Operations
             749  
Apparel Manufacturers - 1.3%
                
Carter's*
     37,500       923  
Total Apparel Manufacturers
             923  
Auto Repair Centers - 1.4%
                
Monro Muffler
     38,900       1,000  
Total Auto Repair Centers
             1,000  
Auto-Medium & Heavy Duty Trucks - 1.6%
                
Force Protection*
     132,650       1,173  
Total Auto-Medium & Heavy Duty Trucks
             1,173  
Building Products-Doors & Windows - 0.5%
                
Apogee Enterprises
     27,900       343  
Total Building Products-Doors & Windows
             343  
Casino Hotels - 0.8%
                
Ameristar Casinos
     29,800       567  
Total Casino Hotels
             567  
Cellular Telecommunications - 1.7%
                
Syniverse Holdings*
     77,500       1,242  
Total Cellular Telecommunications
             1,242  
Chemicals-Diversified - 0.9%
                
Olin
     52,300       622  
Total Chemicals-Diversified
             622  
Chemicals-Plastics - 0.5%
                
Spartech
     39,400       362  
Total Chemicals-Plastics
             362  
Commercial Banks-Central US - 2.1%
                
First Financial Bankshares
     6,800       342  
Sterling Bancshares
     99,250       628  
Texas Capital Bancshares*
     35,900       555  
Total Commercial Banks-Central US
             1,525  
Commercial Banks-Eastern US - 0.2%
                
Susquehanna Bancshares
     24,700       121  
Total Commercial Banks-Eastern US
             121  
Commercial Banks-Southern US - 0.4%
                
City Holding
     10,100       307  
Total Commercial Banks-Southern US
             307  
Commercial Banks-Western US - 0.6%
                
SVB Financial Group*
     14,600       397  
Total Commercial Banks-Western US
             397  
Commercial Services-Finance - 3.6%
                
Euronet Worldwide*
     55,065       1,068  
Net 1 UEPS Technologies*
     56,800       772  
Wright Express*
     29,300       746  
Total Commercial Services-Finance
             2,586  
Computers-Integrated Systems - 0.6%
                
Integral Systems*
     51,000       424  
Total Computers-Integrated Systems
             424  
Consumer Products-Miscellaneous - 0.7%
                
Central Garden and Pet*
     46,500       511  
Total Consumer Products-Miscellaneous
             511  
Containers-Paper/Plastic - 1.0%
                
Temple-Inland
     53,600       703  
Total Containers-Paper/Plastic
             703  
Cosmetics & Toiletries - 1.3%
                
Chattem*
     13,600       926  
Total Cosmetics & Toiletries
             926  
Data Processing/Management - 0.5%
                
Acxiom
     39,100       345  
Total Data Processing/Management
             345  
Distribution/Wholesale - 1.2%
                
MWI Veterinary Supply*
     10,700       373  
Watsco
     9,600       470  
Total Distribution/Wholesale
             843  
E-Commerce/Products - 0.5%
                
NutriSystem
     25,600       371  
Total E-Commerce/Products
             371  
Electric-Integrated - 3.2%
                
Cleco
     60,600       1,359  
El Paso Electric*
     70,200       980  
Total Electric-Integrated
             2,339  
Electronic Components-Miscellaneous - 1.0%
                
Methode Electronics
     54,900       385  
Technitrol
     54,000       349  
Total Electronic Components-Miscellaneous
             734  
Electronic Components-Semiconductors - 0.5%
                
International Rectifier*
     23,800       353  
Total Electronic Components-Semiconductors
             353  
Electronic Security Devices - 1.3%
                
American Science & Engineering
     13,700       947  
Total Electronic Security Devices
             947  
Enterprise Software/Services - 0.7%
                
SYNNEX*
     20,100       502  
Total Enterprise Software/Services
             502  
Finance-Auto Loans - 0.9%
                
AmeriCredit*
     49,800       675  
Total Finance-Auto Loans
             675  
Finance-Commercial - 0.3%
                
CIT Group
     113,300       244  
Total Finance-Commercial
             244  
Finance-Consumer Loans - 1.5%
                
Ocwen Financial*
     46,100       598  
World Acceptance*
     25,800       514  
Total Finance-Consumer Loans
             1,112  
Finance-Investment Banker/Broker - 1.7%
                
Investment Technology Group*
     43,600       889  
SWS Group
     23,400       327  
Total Finance-Investment Banker/Broker
             1,216  
Financial Guarantee Insurance - 0.6%
                
Assured Guaranty
     36,900       457  
Total Financial Guarantee Insurance
             457  
Food-Miscellaneous/Diversified - 0.5%
                
Hain Celestial Group*
     22,400       350  
Total Food-Miscellaneous/Diversified
             350  
Gas-Distribution - 0.3%
                
Laclede Group
     7,100       235  
Total Gas-Distribution
             235  
Gold Mining - 1.2%
                
Royal Gold
     20,600       859  
Total Gold Mining
             859  
Internet Infrastructure Software - 2.2%
                
TeleCommunication Systems, Cl A*
     119,400       849  
TIBCO Software*
     104,800       751  
Total Internet Infrastructure Software
             1,600  
Leisure & Recreational Products - 1.6%
                
WMS Industries*
     37,500       1,182  
Total Leisure & Recreational Products
             1,182  
Machinery-General Industry - 0.4%
                
Manitowoc
     60,900       320  
Total Machinery-General Industry
             320  
Medical Information Systems - 1.1%
                
Computer Programs & Systems
     21,300       816  
Total Medical Information Systems
             816  
Medical Instruments - 0.6%
                
NuVasive*
     9,000       401  
Total Medical Instruments
             401  
Medical Products - 1.0%
                
Hanger Orthopedic Group*
     54,800       745  
Total Medical Products
             745  
Medical-Drugs - 0.3%
                
XenoPort*
     10,100       234  
Total Medical-Drugs
             234  
Medical-Hospitals - 1.1%
                
Health Management Associates, Cl A*
     160,000       790  
Total Medical-Hospitals
             790  
Medical-Nursing Homes - 0.3%
                
Kindred Healthcare*
     15,300       189  
Total Medical-Nursing Homes
             189  
Medical-Outpatient/Home Medical - 2.7%
                
Amedisys*
     26,316       869  
Amsurg*
     51,425       1,103  
Total Medical-Outpatient/Home Medical
             1,972  
Metal Processors & Fabricators - 0.9%
                
Dynamic Materials
     18,000       347  
LB Foster, Cl A*
     10,810       325  
Total Metal Processors & Fabricators
             672  
Multimedia - 0.3%
                
EW Scripps, Cl A
     86,400       181  
Total Multimedia
             181  
Non-Ferrous Metals - 1.6%
                
Thompson Creek Metals*
     112,000       1,145  
Total Non-Ferrous Metals
             1,145  
Oil & Gas Drilling - 0.6%
                
Patterson-UTI Energy
     32,000       412  
Total Oil & Gas Drilling
             412  
Oil Companies-Exploration & Production - 2.2%
                
GMX Resources*
     75,100       799  
McMoRan Exploration*
     134,700       803  
Total Oil Companies-Exploration & Production
             1,602  
Oil Refining & Marketing - 1.0%
                
Holly
     40,400       726  
Total Oil Refining & Marketing
             726  
Oil-Field Services - 0.6%
                
Helix Energy Solutions Group*
     38,400       417  
Total Oil-Field Services
             417  
Pharmacy Services - 1.5%
                
SXC Health Solutions*
     41,500       1,055  
Total Pharmacy Services
             1,055  
Property/Casualty Insurance - 3.6%
                
Navigators Group*
     16,300       724  
Selective Insurance Group
     63,300       808  
Tower Group
     30,600       758  
Zenith National Insurance
     13,160       286  
Total Property/Casualty Insurance
             2,576  
Protection-Safety - 1.5%
                
Brink's Home Security Holdings*
     39,400       1,115  
Total Protection-Safety
             1,115  
Reinsurance - 2.5%
                
Endurance Specialty Holdings
     31,595       926  
Platinum Underwriters Holdings
     31,900       912  
Total Reinsurance
             1,838  
REITs-Diversified - 1.4%
                
PS Business Parks
     20,300       983  
Total REITs-Diversified
             983  
REITs-Health Care - 2.6%
                
Omega Healthcare Investors
     119,000       1,847  
Total REITs-Health Care
             1,847  
REITs-Mortgage - 1.6%
                
Capstead Mortgage
     88,100       1,120  
Total REITs-Mortgage
             1,120  
REITs-Office Property - 0.7%
                
BioMed Realty Trust
     51,665       529  
Total REITs-Office Property
             529  
Retail-Apparel/Shoe - 2.0%
                
Charlotte Russe Holding*
     29,600       381  
JOS A Bank Clothiers*
     30,900       1,065  
Total Retail-Apparel/Shoe
             1,446  
Retail-Building Products - 0.3%
                
Lumber Liquidators*
     13,700       216  
Total Retail-Building Products
             216  
Retail-Convenience Store - 1.3%
                
Pantry*
     55,975       929  
Total Retail-Convenience Store
             929  
Retail-Mail Order - 0.8%
                
Williams-Sonoma
     49,000       582  
Total Retail-Mail Order
             582  
Retail-Pawn Shops - 3.9%
                
Cash America International
     46,100       1,078  
Ezcorp, Cl A*
     45,200       487  
First Cash Financial Services*
     72,700       1,274  
Total Retail-Pawn Shops
             2,839  
Retail-Restaurants - 3.9%
                
California Pizza Kitchen*
     69,500       924  
Cracker Barrel Old Country Store
     27,300       762  
Jack in the Box*
     49,500       1,111  
Total Retail-Restaurants
             2,797  
Satellite Telecommunications - 1.6%
                
GeoEye*
     49,300       1,162  
Total Satellite Telecommunications
             1,162  
Semiconductor Components-Integrated Circuits - 0.5%
                
Sigma Designs*
     20,600       330  
Total Semiconductor Components-Integrated Circuits
             330  
Telecommunications Equipment - 2.0%
                
Comtech Telecommunications*
     39,536       1,260  
Tekelec*
     9,075       153  
Total Telecommunications Equipment
             1,413  
Therapeutics - 0.8%
                
Questcor Pharmaceuticals*
     118,500       593  
Total Therapeutics
             593  
Tobacco - 0.5%
                
Universal
     11,700       387  
Total Tobacco
             387  
Transportation-Equipment & Leasing - 1.6%
                
GATX
     30,300       779  
TAL International Group
     35,100       383  
Total Transportation-Equipment & Leasing
             1,162  
Transportation-Marine - 0.9%
                
Excel Maritime Carriers
     39,500       266  
Gulfmark Offshore*
     14,400       397  
Total Transportation-Marine
             663  
Transportation-Services - 1.1%
                
Bristow Group*
     27,600       818  
Total Transportation-Services
             818  
Wireless Equipment - 1.4%
                
Ceragon Networks*
     76,000       504  
Novatel Wireless*
     54,800       494  
Total Wireless Equipment
             998  
Total Common Stock (Cost $66,250)
             69,345  
Investment Company - 0.3%
                
Value-Small Cap - 0.3%
                
iShares Russell 2000 Value Index Fund
     5,100       237  
Total Value-Small Cap
             237  
Total Investment Company (Cost $290)
             237  
Money Market Fund - 2.7%
                
Dreyfus Cash Management Fund, Institutional Class, 0.411% (A)
     1,951,631       1,952  
Total Money Market Fund (Cost $1,952)
             1,952  
Total Investments - 99.1% (Cost $68,492)†
             71,534  
Other Assets and Liabilities, Net - 0.9%
             653  
Total Net Assets - 100.0%
           $ 72,187  
                 
  * Non-income producing security.
      
 (A) The rate reported represents the 7-day effective yield as of June 30, 2009.
      
       
 Cl - Class
      
 REITs - Real Estate Investment Trusts
      
       
† At June 30, 2009, the approximate tax basis cost of the Fund’s investments was $68,492 (000), and the unrealized appreciation and depreciation were $7,834 (000) and $(4,792) (000), respectively.
       
 Cost figures are shown with "000's" omitted.
      
       
FAS 157 Footnote Disclosure:
      
       
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end.  These inputs are summarized in three broad levels as follows:
       
                   Level 1 – quoted prices in active markets for identical securities
    
                   Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
                   Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
    
       
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows (000):
      
       
       
Investments
Level 1
Level 2
Level 3
Common Stock
 $   69,345
 $         -
 $             -
Investment Company
          237
    
Money Market Fund
       1,952
            -
                -
Total Investments
 $   71,534
 $         -
 $             -

 
 
 
 
Old Mutual Barrow Hanley Core Bond Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Face Amount (000)/Shares
    
Value (000)
  
Corporate Bond - 42.8%
            
Alltel
   7.000%, 07/01/12
   $ 155     $ 167  
Altria Group
   9.700%, 11/10/18
     205       235  
American Express
   8.150%, 03/19/38
     110       116  
American Express Credit, MTN,
   5.875%, 05/02/13
     200       199  
Ameriprise Financial
   5.350%, 11/15/10
     305       304  
Amgen
   6.400%, 02/01/39
     230       245  
Anadarko Petroleum
   7.950%, 06/15/39
     70       73  
   6.950%, 06/15/19
     70       71  
Anixter
   10.000%, 03/15/14
     145       144  
Archer-Daniels-Midland
   6.450%, 01/15/38
     95       103  
AT&T
   5.100%, 09/15/14
     385       400  
Bank of America
   5.750%, 12/01/17
     345       307  
Bank of New York Mellon
   4.950%, 11/01/12
     95       100  
Bank One
   5.900%, 11/15/11
     305       319  
Bear Stearns
   7.250%, 02/01/18
     95       100  
   6.400%, 10/02/17
     310       311  
Best Buy
   6.750%, 07/15/13
     190       197  
BP Capital Markets
   3.125%, 03/10/12
     165       168  
British Telecommunications
   9.125%, 12/15/10
     215       228  
Cameron International
   6.375%, 07/15/18
     95       88  
Canadian National Railway
   5.550%, 03/01/19
     70       73  
Canadian Natural Resources
   6.700%, 07/15/11
     130       139  
Caterpillar Financial Services, MTN,
   4.850%, 12/07/12
     135       141  
Citigroup
   6.125%, 11/21/17
     140       123  
CME Group
   5.400%, 08/01/13
     210       221  
Columbus Southern Power
   5.500%, 03/01/13
     235       243  
Comcast
   5.875%, 02/15/18
     90       91  
   5.300%, 01/15/14
     185       191  
Computer Sciences
   6.500%, 03/15/18
     225       230  
   5.500%, 03/15/13
     70       70  
ConocoPhillips
   5.750%, 02/01/19
     125       131  
   4.600%, 01/15/15
     280       288  
Costco Wholesale
   5.300%, 03/15/12
     305       328  
Countrywide Home Loans
   4.000%, 03/22/11
     45       44  
Covidien International Finance
   5.450%, 10/15/12
     105       111  
CRH America
   6.000%, 09/30/16
     215       191  
Cricket Communications
   9.375%, 11/01/14
     140       138  
Dell
   3.375%, 06/15/12
     110       112  
Deutsche Telekom International Finance
   8.500%, 06/15/10
     95       100  
DirecTV Holdings/DirecTV Financing
   7.625%, 05/15/16
     165       160  
Dominion Resources
   8.875%, 01/15/19
     70       83  
   5.600%, 11/15/16
     160       164  
Dr Pepper Snapple Group
   6.820%, 05/01/18
     135       143  
Duke Energy Indiana
   6.050%, 06/15/16
     220       233  
Eaton
   5.600%, 05/15/18
     115       111  
E I Du Pont de Nemours
   5.875%, 01/15/14
     215       233  
Energy Transfer Partners LP
   9.000%, 04/15/19
     95       108  
   8.500%, 04/15/14
     115       129  
EQT
   8.125%, 06/01/19
     70       75  
ERP Operating LP
   5.125%, 03/15/16
     185       170  
Express Scripts
   6.250%, 06/15/14
     95       101  
Fannie Mae
   5.125%, 01/02/14
     235       239  
France Telecom
   4.375%, 07/08/14
     125       126  
General Electric Capital
   5.875%, 01/14/38
     220       174  
General Electric Capital, MTN,
   4.375%, 03/03/12
     225       227  
Goldman Sachs Group
   6.750%, 10/01/37
     95       84  
   5.950%, 01/18/18
     80       78  
Goodyear Tire & Rubber
   10.500%, 05/15/16
     95       96  
Hewlett-Packard
   6.125%, 03/01/14
     180       198  
   4.250%, 02/24/12
     200       209  
Home Depot
   5.200%, 03/01/11
     180       186  
Honeywell International
   4.250%, 03/01/13
     215       223  
Hospira
   6.050%, 03/30/17
     190       186  
International Business Machines
   7.625%, 10/15/18
     200       239  
   4.750%, 11/29/12
     180       193  
International Lease Finance, MTN,
   5.750%, 06/15/11
     180       149  
International Paper
   7.400%, 06/15/14
     110       110  
Ipalco Enterprises 144A,
   7.250%, 04/01/16
     145       138  
ITT
   4.900%, 05/01/14
     315       313  
John Deere Capital, MTN,
   5.400%, 10/17/11
     290       302  
Kraft Foods
   6.750%, 02/19/14
     140       154  
   6.500%, 08/11/17
     135       142  
Kroger
   7.500%, 01/15/14
     100       112  
Lorillard Tobacco
   8.125%, 06/23/19
     115       119  
Lowe's
   6.650%, 09/15/37
     80       87  
   5.500%, 10/15/35
     60       55  
Lubrizol
   8.875%, 02/01/19
     95       110  
Marathon Oil
   6.000%, 10/01/17
     135       137  
Masco
   6.125%, 10/03/16
     125       105  
Merrill Lynch
   5.450%, 02/05/13
     95       92  
Merrill Lynch, MTN,
   6.875%, 04/25/18
     105       97  
MetLife
   5.375%, 12/15/12
     140       143  
MidAmerican Energy Holdings
   5.875%, 10/01/12
     200       213  
National Fuel Gas
   8.750%, 05/01/19
     105       118  
New Cingular Wireless Services
   8.750%, 03/01/31
     160       195  
Nisource Finance
   10.750%, 03/15/16
     95       105  
Nokia OYJ
   5.375%, 05/15/19
     210       212  
Novartis Capital
   4.125%, 02/10/14
     240       247  
Pfizer
   4.450%, 03/15/12
     305       320  
Philips Electronics
   5.750%, 03/11/18
     100       101  
PPL Electric Utilities
   6.250%, 05/15/39
     65       69  
Prudential Financial, MTN,
   5.100%, 09/20/14
     155       146  
PSEG Power
   7.750%, 04/15/11
     55       59  
   6.950%, 06/01/12
     435       468  
Qwest
   8.875%, 03/15/12
     155       156  
Rogers Communications
   6.800%, 08/15/18
     195       209  
Safeway
   6.250%, 03/15/14
     80       86  
Sempra Energy
   6.500%, 06/01/16
     115       120  
Simon Property Group LP
   5.750%, 12/01/15
     115       106  
SLM, MTN,
   5.375%, 01/15/13
     75       63  
Southern Power
   6.250%, 07/15/12
     355       380  
Starwood Hotels & Resorts Worldwide
   7.875%, 10/15/14
     380       357  
State Street
   4.300%, 05/30/14
     110       109  
Teck Resources 144A,
   10.250%, 05/15/16
     205       215  
Telecom Italia Capital
   6.175%, 06/18/14
     180       182  
Telefonica Emisiones SAU
   4.949%, 01/15/15
     190       193  
Tesoro
   9.750%, 06/01/19
     245       242  
Time Warner Cable
   8.250%, 02/14/14
     170       191  
   5.850%, 05/01/17
     215       215  
TransCanada Pipelines
   7.625%, 01/15/39
     200       233  
Tyco Electronics Group
   6.550%, 10/01/17
     210       191  
Tyco International Finance
   8.500%, 01/15/19
     145       161  
Tyson Foods 144A,
   10.500%, 03/01/14
     70       76  
Union Electric
   6.700%, 02/01/19
     120       125  
United Technologies
   6.125%, 02/01/19
     145       160  
UnitedHealth Group
   5.250%, 03/15/11
     340       351  
Valero Energy
   9.375%, 03/15/19
     60       68  
   6.625%, 06/15/37
     75       64  
Verizon Wireless Capital 144A,
   8.500%, 11/15/18
     330       394  
Wachovia
   5.700%, 08/01/13
     80       83  
Washington Mutual Finance
   6.875%, 05/15/11
     125       128  
Waste Management
   7.375%, 03/11/19
     105       113  
Westar Energy
   6.000%, 07/01/14
     70       73  
Willis North America
   6.200%, 03/28/17
     90       80  
Wisconsin Electric Power
   6.250%, 12/01/15
     140       150  
Wyeth
   5.500%, 02/01/14
     335       359  
Wynn Las Vegas
   6.625%, 12/01/14
     100       88  
Xcel Energy
   5.613%, 04/01/17
     377       371  
Total Corporate Bond (Cost $21,042)
             21,718  
U.S. Government Agency Obligations - 30.4%
                
FNMA
                
   6.500%, 09/01/36
     833       890  
   6.500%, 08/01/37
     35       38  
   6.000%, 11/01/36
     182       191  
   6.000%, 12/01/36
     312       327  
   6.000%, 08/01/37
     918       961  
   6.000%, 11/01/37
     729       763  
   5.500%, 05/01/23
     71       75  
   5.500%, 12/01/35
     538       558  
   5.500%, 01/01/36
     423       438  
   5.500%, 02/01/36
     276       286  
   5.500%, 04/01/36
     90       93  
   5.500%, 11/01/36
     441       456  
   5.500%, 11/01/36
     458       473  
   5.500%, 12/01/36
     808       836  
   5.500%, 08/01/37
     358       372  
   5.500%, 03/01/38
     486       502  
   5.500%, 06/01/38
     507       524  
   5.500%, 12/01/38
     749       775  
   5.000%, 12/01/23
     229       237  
   5.000%, 03/01/24
     321       333  
   5.000%, 03/01/36
     412       421  
   5.000%, 03/01/38
     1,285       1,310  
   5.000%, 04/01/38
     105       107  
   5.000%, 05/01/38
     799       815  
   5.000%, 05/01/38
     1,226       1,250  
FGLMC
                
   6.000%, 09/01/37
     312       326  
   6.000%, 12/01/37
     161       168  
   5.500%, 01/01/24
     230       240  
   5.500%, 11/01/36
     270       279  
   5.500%, 12/01/36
     388       401  
   5.000%, 04/01/23
     409       423  
   5.000%, 09/01/35
     503       514  
Total U.S. Government Agency Obligations (Cost$ 14,972)
             15,382  
U.S. Treasury Obligations - 11.8%
                
U.S. Treasury Bond
   3.500%, 02/15/2039
     1,185       1,025  
U.S. Treasury Note
   3.125%, 05/15/2019
     1,950       1,886  
   2.250%, 05/31/2014
     1,140       1,125  
   1.750%, 03/31/2014
     990       958  
   1.375%, 02/15/2012
     985       984  
Total U.S. Treasury Obligations (Cost $5,940)
             5,978  
Mortgage Related - 10.7%
                
Banc of America Commercial Mortgage, CMBS,
   Ser 2006-4, Cl A4
   5.634%, 07/10/46
     505       398  
Banc of America Mortgage Securities, CMO,
   Ser 2005-D, Cl 2A4 (B)
   4.792%, 05/25/35
     348       326  
Bear Stearns Commercial Mortgage Securities, CMBS,
   Ser 2004-PWR5, Cl A4
   4.831%, 07/11/42
     485       429  
Bear Stearns Commercial Mortgage Securities, CMBS,
   Ser 2005-T20, Cl A2 (C)
   5.127%, 10/12/42
     510       498  
Bear Stearns Commercial Mortgage Securities, CMBS,
   Ser 2006-T22, Cl A2 (C)
   5.630%, 04/12/38
     305       299  
Chase Mortgage Finance, CMO,
   Ser 2006-A1, Cl 4A1 (B)
   6.037%, 09/25/36
     416       324  
Citicorp Mortgage Securities, CMO,
   Ser 2006-3, Cl 2A1
   5.500%, 06/25/21
     283       250  
Citigroup Commercial Mortgage Trust, CMBS,
   Ser 2004-C2, Cl A3
   4.380%, 10/15/41
     475       436  
Citigroup/Deutsche Bank Commercial Mortgage Trust, CMBS,
   Ser 2007-CD5, Cl A4 (C)
   5.886%, 11/15/44
     690       550  
Countrywide Home Loan Mortgage Pass Through Trust, CMO,
   Ser 2007-18, Cl 1A1
   6.000%, 11/25/37
     564       381  
JP Morgan Chase Commercial Mortgage Securities, CMBS,
   Ser 2005-LDP1, Cl A2
   4.625%, 03/15/46
     612       599  
JP Morgan Chase Commercial Mortgage Securities, CMBS,
   Ser 2004-CBX, Cl A4
   4.529%, 01/12/37
     150       143  
JP Morgan Chase Commercial Mortgage Securities, CMBS,
   Ser 2006-LDP9, Cl A3
   5.336%, 05/15/47
     230       176  
Prime Mortgage Trust, CMO,
   Ser 2005-2, Cl 1A3
   5.250%, 07/25/20
     455       453  
Wells Fargo Mortgage Backed Securities Trust, CMO,
   Ser 2006-11, Cl A8
   6.000%, 09/25/36
     244       187  
Total Mortgage Related (Cost $5,864)
             5,449  
Asset-Backed Securities - 0.6%
                
Other - 0.6%
                
John Deere Owner Trust,
   Ser 2009-A, Cl A3
   2.590%, 10/15/13
     180       179  
John Deere Owner Trust,
   Ser 2009-A, Cl A4
   3.960%, 05/16/16
     100       100  
Total Other
             279  
Total Asset-Backed Securities (Cost $280)
             279  
Money Market Fund - 5.0%
                
Dreyfus Cash Management Fund, Institutional Class, 0.411% (A)
     2,531,779       2,532  
Total Money Market Fund (Cost $2,532)
             2,532  
Total Investments - 101.3% (Cost $50,630)†
             51,338  
Other Assets and Liabilities, Net - (1.3)%
             (672 )
Total Net Assets - 100.0%
           $ 50,666  

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 institutional buyers. On June 30, 2009, the value
of these securities amounted to $823 (000), representing 1.6% of the net assets of the Old Mutual Barrow Hanley Core Bond Fund.
      
       
 (A) The rate reported represents the 7-day effective yield as of June 30, 2009.
      
 (B) Floating Rate Security - The rate reported represents the security's rate as of June 30, 2009
      
 (C) Variable Rate Security - The rate reported on the Schedule of Investments represents the effective yield at the time of purchase.
  
       
 Cl - Class
      
 CMBS - Commercial Mortgage-Backed Security
      
 CMO - Collateralized Mortgage Obligation
      
 FGLMC - Federal Home Loan Mortgage Corporation Gold
      
 FNMA - Federal National Mortgage Association
      
 LP - Limited Partnership
      
 MTN - Medium Term Note
      
 Ser - Series
      
       
† At June 30, 2009, the approximate tax basis cost of the Fund’s investments was $50,630 (000), and the unrealized appreciation and depreciation were $1,475 (000) and $(767) (000), respectively.
       
 Cost figures are shown with "000's" omitted.
      
       
FAS 157 Footnote Disclosure:
      
       
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end.  These inputs are summarized in three broad levels as follows:
       
                   Level 1 – quoted prices in active markets for identical securities
    
                   Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
                   Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
    
       
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows (000):
      
       
Investments
  
Level 1
    
Level 2
    
Level 3
  
Corporate Bonds
   $ -     $ 21,718     $ -  
U.S. Government Agency Obligations
     -       15,382       -  
U.S. Treasury Obligations
     -       5,978       -  
Mortgage Related
     -       5,449       -  
Asset-Backed Securities
     -       -       279  
Money Market Fund
     2,532       -       -  
Total Investments
   $ 2,532     $ 48,527     $ 279  
                         
                         
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used in determining fair value (000).
          
                         
   
Investments
                  
Balance as of March 31, 2009
   $ -                  
Realized gain (loss)
     -                  
Change in unrealized appreciation (depreciation)
     -                  
Accrued discounts/premiums
     -                  
Net purchases (sales)
     -                  
Transfers in and/or out of Level 3
     279                  
Balance as of June 30, 2009
   $ 279                  
                         
The information used in the above reconciliation represents fiscal year to date activity for any investment in securities identified as using  Level 3 inputs at either the beginning or the end of the current reporting period. Transfers in and/or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security where a change in the input level occurred from the beginning to the end of the reporting period.
          

 
 
 
 
Old Mutual Cash Reserve Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Face
Amount (000)
    
Value (000)
  
U.S. Government Agency Obligations - 65.2%
            
FHLB (A)
            
   0.590%, 08/11/09
   $ 500     $ 500  
   0.588%, 08/19/09
     1,275       1,274  
   0.580%, 08/21/09
     500       500  
   0.580%, 09/09/09
     300       300  
   0.500%, 07/14/09
     700       700  
   0.450%, 07/07/09
     450       450  
   0.410%, 07/10/09
     300       300  
   0.390%, 07/17/09
     600       600  
   0.380%, 10/30/09
     650       649  
   0.350%, 10/16/09
     500       499  
   0.310%, 12/04/09
     500       499  
FHLMC
                
   0.876%, 02/04/10, MTN (B)
     275       275  
   0.580%, 08/10/09 (A)
     2,075       2,074  
   0.580%, 09/08/09 (A)
     700       699  
   0.560%, 08/17/09 (A)
     500       500  
   0.550%, 07/06/09 (A)
     400       400  
   0.500%, 07/07/09 (A)
     400       400  
   0.494%, 09/15/09
     500       506  
   0.420%, 09/14/09 (A)
     1,600       1,598  
   0.420%, 09/21/09 (A)
     500       499  
   0.420%, 10/05/09 (A)
     750       749  
   0.340%, 11/02/09 (A)
     600       599  
   0.250%, 11/16/09 (A)
     500       499  
FNMA (A)
                
   0.570%, 08/12/09
     1,400       1,399  
   0.565%, 08/19/09
     1,000       999  
   0.520%, 07/01/09
     1,400       1,400  
   0.520%, 07/15/09
     1,500       1,500  
   0.440%, 09/25/09
     400       400  
   0.430%, 09/09/09
     400       400  
   0.420%, 07/02/09
     200       200  
   0.415%, 10/07/09
     400       399  
   0.375%, 10/14/09
     400       400  
Total U.S. Government Agency Obligations (Cost $22,166)
             22,166  
Commercial Paper - 15.0%
                
Apreco
   0.250%, 07/01/09
     300       300  
Cafco
   0.280%, 07/21/09
     300       300  
Chariot Funding
   0.250%, 07/14/09
     300       300  
Ciesco
   0.350%, 08/21/09
     300       300  
Clipper
   0.280%, 07/24/09
     300       300  
CRC Funding
   0.280%, 0729/09
     300       300  
Falcon
   0.270%, 08/07/09
     300       300  
General Electric Capital
   0.170%, 07/14/09
     800       800  
HSBC Bank
   0.250%, 07/28/09
     300       300  
Jupter Securitization
   0.250%, 07/17/09
     300       300  
Kitty Hawk Funding
   0.280%, 07/22/09
     300       300  
NY Life
   0.300%, 07/24/09
     400       400  
Park Avenue Receivables
   0.240%, 07/01/09
     300       300  
Ranger Funding
   0.250%, 07/17/09
     300       300  
Yorktown Capital
   0.250%, 07/01/09
     300       300  
Total Commercial Paper (Cost $5,100)
             5,100  
Certificates of Deposit (B) - 9.1%
                
Bank of America
   0.750%, 12/03/09
     400       400  
BNP Paribas Finance
   0.950%, 11/02/09
     400       400  
Calyon New York
   0.971%, 02/26/10
     300       299  
Calyon
   0.830%, 11/10/09
     300       300  
Canadian Imperial Bank of Commerce
   0.885%, 05/26/10
     300       300  
DNB Bank
   0.670%, 12/09/09
     300       300  
Societe Generale
   0.680%, 11/16/09
     300       300  
Svenska Handelsbanken
   0.871%, 06/10/10
     200       200  
Svenska Holdings
   0.800%, 11/12/09
     300       300  
UBS/Stamford
   0.720%, 07/17/09
     300       300  
Total Certificates of Deposit (Cost $3,099)
             3,099  
Corporate Bond (B) - 2.7%
                
Procter & Gamble, MTN,
   0.663%, 09/09/09
     210       210  
Procter & Gamble International Funding
   1.224%, 02/08/10, MTN
     210       210  
   0.996%, 05/07/10
     120       120  
Toyota Motor Credit, MTN,
   2.304%, 01/29/10
     387       387  
Total Corporate Bond (Cost $927)
             927  
Repurchase Agreement - 8.0%
                
Deutsche Bank Securities
   0.09%, dated 06/30/09, to be
   repurchased on 07/01/2009,
   repurchase price $2,700,007
   (collateralized by various
   U.S. Government Obligations
   ranging from $17,134 - $9,815,758,
   7.000%, 09/15/2036 - 09/01/2037,
   total market value $2,739,620) (C)
     2,700       2,700  
Repurchase Agreement (Cost $2,700)
             2,700  
Total Investments - 100.0% (Cost $33,992)†
             33,992  
Other Assets and Liabilities, Net - 0.0%
             5  
Total Net Assets - 100.0%
           $ 33,997  

(A) Discount Note - the rate reported on the Schedule of Investments represents the effective yield at the time of purchase.
      
(B) Floating Rate Security - The rate reported represents the security's rate as of June 30, 2009.
      
(C) Tri-party repurchase agreement.
      
       
FHLMC - Federal Home Loan Mortgage Corporation
      
FNMA - Federal National Mortgage Association
      
FHLB - Federal Home Loan Bank
      
MTN - Medium Term Note
      
       
 Cost figures are shown with "000's" omitted
      
   
† For federal tax purposes, the Fund's approximate tax cost basis is equal to book cost.
      
       
FAS 157 Footnote Disclosure:
      
       
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end.  These inputs are summarized in three broad levels as follows:
       
                   Level 1 – quoted prices in active markets for identical securities
    
                   Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
    
                   Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
    
       
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
    
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows (000):
    
       
       
Investments
Level 1
Level 2
Level 3
U.S. Government Agency Obligations
 $                    -
 $     22,166
 $                   -
Commercial Paper
                      -
          5,100
                      -
Certificates of Deposit
                      -
          3,099
                      -
Corporate Bond
                      -
            927
                      -
Repurchase Agreement
  
          2,700
  
Total Investments
 $                    -
 $     33,992
 $                   -

 
 
 
 
Old Mutual Dwight High Yield Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Face Amount
(000)/Shares
    
Value (000)
  
Corporate Bond - 92.3%
            
Alliance One International
   11.000%, 05/15/12
   $ 300     $ 314  
American Capital
   8.600%, 08/01/12
     100       60  
Aramark
   8.500%, 02/01/15
     300       291  
   4.528%, 02/01/15 (B)
     173       141  
Belo
   6.750%, 05/30/13
     400       318  
BWAY 144A,
   10.000%, 04/15/14
     250       249  
Cascades
   7.250%, 02/15/13
     500       436  
Case
   7.250%, 01/15/16
     410       370  
Cenveo 144A,
   10.500%, 08/15/16
     400       300  
Chattem
   7.000%, 03/01/14
     500       478  
Chesapeake Energy
   6.375%, 06/15/15
     308       274  
Coleman Cable
   9.875%, 10/01/12
     386       311  
Constellation Brands
   8.125%, 01/15/12
     500       500  
Con-way
   7.250%, 01/15/18
     125       106  
   6.700%, 05/01/34
     275       179  
Denbury Resources
   7.500%, 12/15/15
     300       285  
DirecTV Holdings LLC/DirecTV Financing
   7.625%, 05/15/16
     400       389  
E*Trade Financial
   7.875%, 12/01/15
     261       206  
El Pollo Loco 144A,
   11.750%, 12/01/12
     125       128  
Evraz Group 144A,
   9.500%, 04/24/18
     240       185  
Ford Motor Credit
   7.250%, 10/25/11
     700       605  
Frontier Communications
   9.000%, 08/15/31
     367       303  
General Cable
   1.000%, 10/15/12
     300       236  
GMAC 144A,
   7.000%, 02/01/12
     153       130  
Goodyear Tire & Rubber
   10.500%, 05/15/16
     500       505  
Interface
   9.500%, 02/01/14
     125       115  
Interface 144A,
   11.375%, 11/01/13
     125       129  
International Lease Finance
   5.000%, 04/15/10
     500       458  
Interpublic Group 144A,
   10.000%, 07/15/17
     600       605  
JBS USA LLC/JBS USA Finance 144A,
   11.625%, 05/01/14
     284       268  
Kansas City
   9.375%, 05/01/12
     75       71  
Kansas City Southern Railway
   8.000%, 06/01/15
     125       116  
Landry's Restaurants 144A,
   14.000%, 08/15/11
     350       333  
Ltd Brands 144A,
   8.500%, 06/15/19
     600       575  
Macy's Retail Holdings
   8.875%, 07/15/15
     125       121  
   5.350%, 03/15/12
     400       364  
Mashantucket Western Pequot Tribe 144A,
   8.500%, 11/15/15
     700       350  
MGM Mirage
   6.625%, 07/15/15
     80       52  
   5.875%, 02/27/14
     90       58  
Peabody Energy
   5.875%, 04/15/16
     425       374  
PNC Preferred Funding Trust I 144A,
   8.700%, 02/28/2049 (C)
     500       410  
Provident
   7.250%, 03/15/28
     367       247  
Qwest Communications International
   7.500%, 02/15/14
     300       274  
   3.500%, 11/15/25
     100       99  
Royal Caribbean Cruises
   7.000%, 06/15/13
     500       437  
RSC Equipment Rental 144A,
   10.000%, 07/15/17
     300       292  
Smithfield Foods
   8.000%, 10/15/09
     500       500  
Smithfield Foods 144A,
   10.000%, 07/15/14
     300       296  
Stater Brothers Holdings
   8.125%, 06/15/12
     250       246  
Steel Dynamics
   6.750%, 04/01/15
     150       134  
Sun Media
   7.625%, 02/15/13
     320       210  
SUPERVALU
   8.000%, 05/01/16
     400       388  
Syniverse Technologies
   7.750%, 08/15/13
     375       353  
Teck Resources 144A
   10.750%, 05/15/19
     400       430  
Terex
   10.875%, 06/01/16
     250       250  
Toys R US
   7.875%, 04/15/13
     80       67  
True Temper Sports
   8.375%, 09/15/11(D)(E)
     325       3  
United Air Lines
   12.750%, 07/15/12
     315       293  
Valassis Communication
   8.250%, 03/01/15
     527       380  
Xerox Capital Trust I
   8.000%, 02/01/27
     525       399  
Total Corporate Bond (Cost $17,517)
             16,996  
Asset-Backed Securities - 1.7%
                
Home Equity - 0.6%
                
Residential Funding Mortgage Securities II,
   Ser 2005-HI3, Cl A2
   5.090%, 09/25/35
     24       23  
Residential Funding Mortgage Securities II,
   Ser 2006-HSA2, Cl AI2 (C)
   5.500%, 03/25/36
     102       82  
Total Home Equity
             105  
Other - 1.1%
                
Countrywide Asset-Backed Certificates,
   Ser 2003-2, Cl M2 (B)
   2.789%, 03/26/33
     245       61  
Superior Wholesale Inventory Financing Trust,
   Ser 2004-A10, Cl A (B)
   0.419%, 09/15/11
     20       19  
Textainer Marine Containers 144A,
   Ser 2005-1A, Cl A (B)
   0.569%, 05/15/20
     178       128  
Total Other
             208  
Total Asset-Backed Securities (Cost $504)
             313  
Mortgage Related - 1.4%
                
Deutsche ALT-A Securities Inc Alternate Loan Trust, CMO,
   Ser 2007-RMP1, Cl A1B (B)
   0.434%, 12/25/36
     164       160  
Granite Master Issuer, CMO,
   Ser 2007-1, Cl 2A1 (B)
   0.385%, 12/20/54
     138       96  
Total Mortgage Related (Cost $279)
             256  
Money Market Fund - 11.6%
                
Dreyfus Cash Management Fund, Institutional Class, 0.411% (A)
     2,131,519       2,132  
Total Money Market Fund (Cost $2,132)
             2,132  
Total Investments - 107.0% (Cost $20,432)†
             19,697  
Other Assets and Liabilities, Net - (7.0)%
             (1,283 )
Total Net Assets - 100.0%
           $ 18,414  
                 
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 institutional buyers. On June 30, 2009, the value of these securities amounted to $4,808 (000), representing 26.1% of the net assets of the Old Mutual Dwight High Yield Fund.
                  
                   
 (A) The rate reported represents the 7-day effective yield as of June 30, 2009.
                  
 (B) Floating Rate Security - The rate reported represents the security's rate as of June 30, 2009
                  
(C) Variable Rate Security - The rate reported on the Schedule of Investments represents the effective yield at the time of purchase.
  
 (D) Security is in default. Issuer has failed to make a timely payment of either principal or interest or has failed to comply with some provision of the bond indenture
                  
(E) Security deemed to be illiquid. The Fund may not invest more than 15% of its net assets in illiquid securities. As of June 30, 2009, the value of these securities amounted to $3 (000), representing 0.0% of the net assets of the Old Mutual Dwight High Yield Fund.
  
                   
 Cl - Class
                  
 CMO - Collateralized Mortgage Obligation
                  
 Ser - Series
                  
                   
† At June 30, 2009, the approximate tax basis cost of the Fund’s investments was $20,432 (000), and the unrealized appreciation and depreciation were $733 (000) and $(1,468) (000), respectively.
  
                   
 Cost figures are shown with "000's" omitted.
                  
                   
FAS 157 Footnote Disclosure:
                  
                   
The Fund utilizes various inputs in determining the value of its investments as of the reporting period end. These inputs are summarized in three broad levels as follows:
  
                   
Level 1 – quoted prices in active markets for identical securities
              
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
              
Level 3 – significant unobservable inputs (including the Fund’s own assumption in determining the fair value of investments)
              
                   
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
              
A summary of the inputs used as of June 30, 2009 in valuing the Fund’s net assets were as follows (000):
              
                   
                   
Investments
  
Level 1
    
Level 2
    
Level 3
  
Corporate Bonds
   $ -     $ 16,703     $ 293  
Asset-Backed Securities
     -       313       -  
Mortgage Related
     -       256       -  
Money Market Fund
     2,132       -       -  
Total Investments
   $ 2,132     $ 17,272     $ 293  
                         
                         
Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used in determining fair value (000).
          
                         
   
Investment
                  
Balance as of March 31, 2009
   $ 187                  
Realized gain (loss)
     58                  
Change in unrealized appreciation (depreciation)
     4                  
Accrued discounts/premiums
     2                  
Net purchases (sales)
     (251 )                
Transfers in and/or out of Level 3
     293                  
Balance as of June 30, 2009
   $ 293                  
                         
The information used in the above reconciliation represents fiscal year to date activity for any investment in securities identified as using Level 3 inputs at either the beginning or the end of the current reporting period. Transfers in and/or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any security where a change in the input level occurred from the beginning to the end of the reporting period.
                  

 
 
 
 
Old Mutual Dwight Intermediate Fixed Income Fund
            
SCHEDULE OF INVESTMENTS
            
AS OF JUNE 30, 2009 (UNAUDITED)
            
             
Description
  
Face Amount
(000)/Shares
    
Value (000)
  
Mortgage Related - 9.6%
            
Adjustable Rate Mortgage Trust, CMO,
   Ser 2004-4, Cl 3A1 (C)
   4.710%, 03/25/35
   $ 11     $ 8  
Banc of America Commercial Mortgage, CMBS,
   Ser 2001-PB1, Cl A2 (G)
   5.787%, 05/11/35
     448       455  
Banc of America Commercial Mortgage, CMBS,
   Ser 2005-6, Cl A4 (C)(G)
   5.351%, 09/10/47
     1,000       869  
Banc of America Commercial Mortgage, CMBS,
   Ser 2004-5, Cl A4 (C)
   4.936%, 11/10/41
     746       643  
Banc of America Commercial Mortgage, CMBS,
   Ser 2001-1, Cl A2
   6.503%, 04/15/36
     436       443  
Banc of America Commercial Mortgage, CMBS,
   Ser 2006-5, Cl A1 (G)
   5.185%, 09/10/47
     1,307       1,319  
Crusade Global Trust, CMO,
   Ser 2003-2, Cl A (B)(G)
   0.803%, 09/18/34
     37       35  
CS First Boston Mortgage Securities, CMBS,
   Ser 1997-C2, Cl D
   7.270%, 01/17/35
     262       266  
DLJ Commercial Mortgage, CMBS,
   Ser 2000-CF1, Cl A4 (C)(G)
   8.020%, 06/10/33
     50       49  
FHLMC Multifamily Structured Pass Through Certificates, CMBS,
   K001, Cl A3 (C)(G)
   5.469%, 01/25/12
     29       31  
GMAC Commercial Mortgage Securities, CMBS,
   Ser 2003-C2, Cl A1
   4.576%, 05/10/40
     895       888  
GS Mortgage Securities Corp II, CMBS,
   Ser 2004-GG2, Cl A4
   4.964%, 08/10/38
     555       518  
JP Morgan Chase Commercial Mortgage Securities, CMBS,
   Ser 2001-CIB2, Cl D (C)(G)
   6.847%, 04/15/35
     150       150  
JP Morgan Chase Commercial Mortgage Securities,
   CMBS, Ser 2004-C2, Cl A1
   4.278%, 05/15/41
     85       85  
JP Morgan Chase Commercial Mortgage Securities, CMBS,
   Ser 2004-CB9, Cl A1 (C)(G)
   3.475%, 06/12/41
     6       6  
JP Morgan Chase Commercial Mortgage Securities, CMBS,
   Ser 2005-CB13, Cl A1 (G)
   3.635%, 01/12/43
     12       12  
LB-UBS Commercial Mortgage Trust, CMBS,
   Ser 2001-C2, Cl A2 (G)
   6.653%, 11/15/27
     80       82  
LB-UBS Commercial Mortgage Trust, CMBS,
   Ser 2005-C7, Cl AM (C)
   5.263%, 11/15/40
     1,000       627  
Merrill Lynch Mortgage Trust, CMBS,
   Ser 2004-BPC1, Cl AJ (C)
   4.922%, 10/12/41
     100       56  
Merrill Lynch/Countrywide Commercial Mortgage Trust, CMBS,
   Ser 2006-4, Cl A1 (C)(G)
   3.642%, 12/12/49
     45       44  
MLCC Mortgage Investors, CMO,
   Ser 2005-A, Cl A1 (B)(G)
   0.544%, 03/25/30
     14       10  
Morgan Stanley Capital I, CMBS,
   Ser 2005-HQ7, Cl A1 (G)
   3.864%, 11/14/42
     15       15  
Morgan Stanley Dean Witter Capital I, CMBS,
   Ser 2001-TOP3, Cl A4
   6.390%, 07/15/33
     890       904  
Morgan Stanley Dean Witter Capital I, CMBS,
   Ser 2002-HQ, Cl A3 (G)
   6.510%, 04/15/34
     56       57  
PNC Mortgage Acceptance, CMBS,
   Ser 2001-C1, Cl A2 (G)
   6.360%, 03/12/34
     725       741  
Protective Finance 144A, CMBS,
   Ser 2007-PLA, Cl A1
   5.325%, 03/14/38
     915       927  
Wachovia Bank Commercial Mortgage Trust, CMBS,
   Ser 2005-C20, Cl AMFX (C)(G)
   5.179%, 07/15/42
     80       50  
Total Mortgage Related (Cost $9,976)
             9,290  
U.S. Treasury Obligations - 15.8%
                
U.S. Treasury Inflation Indexed Bond (E)
                
   2.375%, 01/15/25
     260       302  
   2.000%, 01/15/14
     520       614  
   2.000%, 07/15/14
     520       602  
U.S. Treasury Bond
                
   4.250%, 05/15/39
     1,300       1,287  
U.S. Treasury Notes
                
   3.375%, 07/31/13
     1,800       1,886  
   3.125%, 05/15/19
     1,554       1,503  
   2.750%, 02/15/19
     2,463       2,307  
   2.625%, 06/30/14
     3,648       3,659  
   2.000%, 11/30/13
     5       5  
   1.875%, 04/30/14
     137       133  
   1.750%, 11/15/11
     50       51  
   1.375%, 05/15/12
     53       53  
   1.125%, 06/30/11
     2,000       2,000  
   0.875%, 04/30/11
     800       798  
Total U.S. Treasury Obligations (Cost $15,126)
             15,200  
U.S. Government Agency Obligations - 36.3%
                
FNMA
                
   6.500%, 11/01/36
     931       994  
   6.010%, 10/01/36 (B)
     50       53  
   6.000%, 02/01/23
     67       71  
   6.000%, 11/01/35
     266       279  
   6.000%, 06/01/36
     2,389       2,506  
   6.000%, 11/01/36
     81       85  
   6.000%, 01/01/37
     59       62  
   6.000%, 09/01/37
     108       113  
   6.000%, 10/01/37 (F)
     138       144  
   6.000%, 02/01/37
     94       98  
   6.000%, 04/01/39
     3,249       3,404  
   5.500%, 03/01/20
     108       113  
   5.500%, 04/01/21
     66       69  
   5.500%, 11/01/21
     81       85  
   5.500%, 02/01/24
     109       114  
   5.500%, 06/01/33
     214       222  
   5.500%, 10/01/35
     488       505  
   5.500%, 01/01/36
     4,485       4,647  
   5.500%, 07/01/36
     153       158  
   5.500%, 01/01/37
     526       545  
   5.500%, 08/01/37
     76       79  
   5.500%, 08/01/37
     18       18  
   5.500%, 08/01/37
     526       545  
   5.500%, 08/01/37
     3,751       3,887  
   5.000%, 03/01/20
     62       64  
   5.000%, 09/01/35
     693       708  
   5.000%, 11/01/35
     784       801  
   5.000%, 02/01/36
     2,090       2,136  
   5.000%, 02/01/38
     2,233       2,281  
   4.500%, 02/01/35 (G)
     850       851  
FNMA TBA
                
   5.500%, 07/15/34
     1,800       1,858  
   5.000%, 07/18/21
     100       103  
FHLMC Gold
                
   5.500%, 09/01/17
     61       64  
   5.500%, 02/01/21
     253       265  
   5.500%, 02/01/21
     35       36  
   5.500%, 05/01/21
     80       84  
   5.500%, 06/01/22
     3       3  
   5.500%, 08/01/37
     126       131  
   5.500%, 12/01/37 (G)
     401       415  
   5.500%, 01/01/38
     174       181  
   5.500%, 04/01/38 (G)
     1,314       1,359  
   5.500%, 09/01/38
     137       142  
   5.000%, 11/01/21
     21       22  
   5.000%, 12/01/34
     311       318  
   5.000%, 12/01/35 (G)
     333