Fund Objective

The Old Mutual Asset Allocation Moderate Growth Portfolio seeks to provide investors with moderate capital appreciation.

Fund Summary

Under normal market conditions, the Old Mutual Asset Allocation Moderate Growth Portfolio expects to invest approximately 80% of its total assets in equity securities of large, medium and small sized companies, 10% of its total assets in long- or intermediate-term fixed income securities and 10% of its total assets in short-term fixed income and money market instruments. However, the Fund has the flexibility to invest approximately 70-90% of its total assets in equity securities of large, medium and small sized companies, 0-20% of its total assets in long- or intermediate-term fixed income securities and 0-20% of its total assets in short-term fixed income securities and money market instruments. The Advisor will evaluate these allocation ranges at least annually. The individual securities to be held by the Fund will be selected by the appropriate sub-advisors according to a sub-advisor’s investment strategies employed for the Fund. The Advisor will allocate the assets of the Fund to one or more investment strategies of individual sub-advisors based upon asset allocation models developed by Ibbotson, which serves as the strategic asset allocation consultant. The Advisor generally will not try to pinpoint the precise movement when a major reallocation should be made, but rather it will review the Fund’s allocation and make changes gradually to favor sub-advisory pools that it believes, after consideration of data provided by Ibbotson, will provide the most favorable outlook for achieving the Fund’s goal.