SCHEDULE 14A INFORMATION

PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES

EXCHANGE ACT OF 1934

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Old Mutual Funds I

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8. Date Filed: February 22, 2012

Old Mutual Funds

YOUR IMMEDIATE ACTION IS NEEDED

REGARDING YOUR INVESTMENT

Dear Old Mutual Funds Shareholder,

You are receiving this letter because you are a shareholder in one or more of the following mutual funds:

·   Old Mutual Asset Allocation Moderate Growth Portfolio

·   Old Mutual Asset Allocation Growth Portfolio

·   Old Mutual Analytic Fund

We recently contacted you regarding a Special Meeting of Shareholders (the “Meeting”) to approve an agreement and plan of reorganization for the mutual funds listed above.  Due to a lack of sufficient shareholder votes, the Meeting has been adjourned to March 9, 2012 at 11:00 a.m. Mountain time.

WE STILL HAVE NOT RECEIVED YOUR VOTE

The Board of Trustees of the Old Mutual Funds unanimously recommended that shareholders vote in favor of the agreement and plan of reorganization proposal.  Your vote is needed to approve the agreement and plan of reorganization.  If we do not have a sufficient number of votes to hold the Meeting, the Board of Trustees will consider other possible courses of action for the Fund.

WE URGE YOU TO VOTE TODAY WITHOUT FURTHER DELAY

To vote your shares, please call 1-877-348-4358.  Representatives are available Monday through Friday 9:30 a.m. to 9:00 p.m. (EST), and Saturday from 10:00 a.m. to 6:00 p.m. (EST).  You may also vote by automated telephone, or internet, as detailed on the enclosed proxy card.

On behalf of the Old Mutual Funds, please accept my thanks for your participation in this very important matter.

Sincerely,

Julian F. Sluyters

President

Old Mutual Funds

R-12-013