Analytic Investors manages U.S. hedged equity, international equity and short-term fixed income mutual fund portfolios. A brief description of each fund and its investment objective appears below:

	Old Mutual Analytic Fund

The Old Mutual Analytic Fund (ticker symbol: ANAEX, ANCEX, ANDEX) invests primarily in common stocks on which options are traded on national securities exchanges. By combining stocks and options, Analytic Investors attempts to create a diversified and hedged portfolio.

Using a hedging strategy could mean engaging in leveraging and other speculative investment practices that may increase the risk of loss of investment; can be highly illiquid; are not required to provide periodic pricing or valuation information to investors; may involve complex tax structures and delays in distribution of tax information; are not subject to the same regulatory requirements as mutual funds; may charge high fees and expenses that may offset trading profits.

View the Old Mutual Analytic Fund fact sheet, prospectus and sales charge and breakpoint information on the Old Mutual Funds website.

	Old Mutual Analytic U.S. Long/Short Fund

Analytic Investor's portfolio management team is a sub-advisor for the Old Mutual Analytic U.S. Long/Short Fund (ticker symbol: OBDEX).

Under normal market conditions, the Old Mutual Analytic U.S. Long/Short Fund invests at least 80% of its total assets in equity securities of corporations whose securities are traded in the U.S. While the Fund may invest in companies of any size, it usually invests in medium to large capitalization companies valued at more than $2 billion at the time of purchase. Through disciplined, quantitative analysis and stock selection, the Fund seeks to exceed the returns of its benchmark, the S&P 500 Index, over full market cycles with no greater volatility than that of the Index.

Investors can download a prospectus and get more detailed Old Mutual Analytic U.S. Long/Short Fund information from the Old Mutual Advisor Funds website. Shares in the Old Mutual Analytic U.S. Long/Short Fund may be purchased directly from Old Mutual Advisor Funds II, or through many popular fund brokerage account providers such as Fidelity Investments, Charles Schwab and E-Trade.

View the Old Mutual Analytic U.S. Long/Short Fund fact sheet on www.oldmutualfunds.com.

	Analytic Short-Term Income Fund

To help reduce credit risk, the Analytic Short-Term Income Fund (ticker symbol: ANSTX) will normally invest at least 80% of its total assets in U.S. government securities. The fund may invest the remainder of its assets in investment-grade debt securities. In seeking to lower the fluctuations in market value, the fund expects to invest in debt securities with maturities of three years or less.

View the Analytic Short-Term Income Fund fact sheet and fund prospectus on the Old Mutual Asset Management website.

Effective July 31, 2008, the names of Old Mutual Analytic Defensive Equity Fund and Old Mutual Analytic Global Defensive Equity Fund changed to Old Mutual Analytic Fund and Old Mutual Analytic Global Fund, respectively.

For more information pertaining to the Analytic Short-Term Income Fund, including investment objectives, risks, charges and expenses, obtain a prospectus. Read the prospectus carefully before investing or sending money. For a copy of the prospectus, call 1-866-777-7818. Neither this material nor any accompanying oral presentation or remarks by a representative of the Distributor is intended to constitute a recommendation of the Fund or a determination of suitability for any investor.

Analytic Investors is a subsidiary of Old Mutual Asset Managers (US) LLC. This site is for U.S. investors only.

The Analytic Short-Term Income Fund is distributed by SEI Investments Distribution Co., Inc., which is not affiliated Analytic Investors, LLC or any other affiliate.

Investing in mutual funds involves risks. The investment return and principal value of an investment will fluctuate, so that an investor’s shares may be worth more or less than the original cost. There is no assurance that any fund will meet its stated objectives. Holdings are subject to change and there is no guarantee that securities mentioned will remain in or out of the portfolio.

The Old Mutual Analytic Fund, Old Mutual Analytic Global Fund, and Old Mutual Analytic U.S. Long/Short Fund, are part of the Old Mutual Funds family of mutual funds, and are distributed by Old Mutual Investment Partners, Member FINRA. You may obtain a prospectus for the Old Mutual Analytic Fund, Old Mutual Analytic Global Fund, and Old Mutual Analytic U.S. Long/Short Fund by visiting the Old Mutual Funds website or by calling (888) 772-2888.

"Old Mutual" is the marketing name for the affiliated companies of Old Mutual plc, a global financial services organization. Old Mutual Funds is the marketing name for Old Mutual Funds I, Old Mutual Funds II, and Old Mutual Insurance Series Fund and the series shares issued by these investment companies. Old Mutual Capital, Inc. and Old Mutual Investment Partners, the investment advisor and distributor for the Old Mutual Funds respectively, are indirect wholly-owned subsidiaries of Old Mutual plc.