0000775180-08-000025.txt : 20080516 0000775180-08-000025.hdr.sgml : 20080516 20080516133550 ACCESSION NUMBER: 0000775180-08-000025 CONFORMED SUBMISSION TYPE: N-14/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20080516 DATE AS OF CHANGE: 20080516 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-14/A SEC ACT: 1933 Act SEC FILE NUMBER: 333-148285 FILM NUMBER: 08841426 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

CENTRAL INDEX KEY: 0000775180

S000004951 Old Mutual Large Cap Growth Concentrated Fund

C000013369 A OLGBX

CENTRAL INDEX KEY: 0000775180

S000004952 Old Mutual Large Cap Growth Fund

C000013373 A OALHX

CENTRAL INDEX KEY: 0000775180

S000004951 Old Mutual Large Cap Growth Concentrated Fund

C000013370 C OCLAX

CENTRAL INDEX KEY: 0000775180

S000004952 Old Mutual Large Cap Growth Fund

C000013374 C OCLHX

CENTRAL INDEX KEY: 0000775180

S000004951 Old Mutual Large Cap Growth Concentrated Fund

C000013371 Z OLCPX

CENTRAL INDEX KEY: 0000775180

S000004952 Old Mutual Large Cap Growth Fund

C000013375 Z OBHLX

CENTRAL INDEX KEY: 0000775180

S000004951 Old Mutual Large Cap Growth Concentrated Fund

C000041076 Institutional OILLX

CENTRAL INDEX KEY: 0000775180

S000004952 Old Mutual Large Cap Growth Fund

C000041078 Institutional OIGGX

CENTRAL INDEX KEY: 0000775180

S000004965 Old Mutual Focused Fund

C000013418 A OAFCX

CENTRAL INDEX KEY: 0000775180

S000004967 Old Mutual Large Cap Fund

C000013425 A OLLLX

CENTRAL INDEX KEY: 0000775180

S000004965 Old Mutual Focused Fund

C000013419 C OCFCX

CENTRAL INDEX KEY: 0000775180

S000004967 Old Mutual Large Cap Fund

C000013426 C OCCAX

CENTRAL INDEX KEY: 0000775180

S000004965 Old Mutual Focused Fund

C000013420 Z OBFVX

CENTRAL INDEX KEY: 0000775180

S000004967 Old Mutual Large Cap Fund

C000013427 Z OLCVX

CENTRAL INDEX KEY: 0000775180

S000004965 Old Mutual Focused Fund

C000041100 Institutional OIFCX

CENTRAL INDEX KEY: 0000775180

S000004967 Old Mutual Large Cap Fund

C000041104 Institutional OILCX

N-14/A 1 n14a20080516omf2.htm OMF2 - PEA 1 - 333-148285

As filed with the Securities and Exchange Commission on May 16, 2008

Registration No. 333-148285

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-14/A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment No.

Post-Effective Amendment No.

(Check appropriate box or boxes)

Old Mutual Funds II

(Exact Name of Registrant as Specified in Charter)

720-200-7600

(Area Code and Telephone Number)

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:

John N. Ake, 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) 200-7600

This Post-Effective Amendment consists of the following:

(1)

Facing sheet of the Registration Statement

(2)

Part C to the Registration Statement (including signature page)

(3)

Exhibits 11 and 12 to the Registration Statement

This Post-Effective Amendment No. 1 is being filed solely to file the legal and tax opinions as Exhibits 11 and 12, respectively, to this Registration Statement on Form N-14/A.

Incorporation by reference of Parts A and B

The Registrant hereby incorporates by reference into this filing the Proxy Statement and Prospectus and related proxy materials included as Part A of Pre-Effective Amendment No. 1 (“Amendment No. 1”) to this Registration Statement on Form N-14 filed with the Securities and Exchange Commission on January 22, 2008, and also incorporates by reference into this filing the Statement of Additional Information included as Part B of said Amendment No. 1.

PART C: OTHER INFORMATION

Item 15.

Indemnification

The Agreement and Declaration of Trust of the Registrant includes the following:

ARTICLE VIII

LIMITATION OF LIABILITY AND INDEMNIFICATION

Section 8.1. Limitation of Liability. A Trustee or officer, when acting in such capacity, shall not be personally liable to any person for any act, omission or obligation of the Trust or any Trustee or officer; provided, however, that nothing contained herein or in the Delaware Act shall protect any Trustee or officer against any liability to the Trust or to Shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office with the Trust.

Section 8.2. Indemnification of Covered Persons. Every Covered Person shall be indemnified by the Trust to the fullest extent permitted by the Delaware Act, the Bylaws and other applicable law.

Section 8.3. Indemnification of Shareholders. In case any Shareholder or former Shareholder of the Trust shall be held to be personally liable solely by reason of his being or having been a Shareholder of the Trust or any Portfolio or Class and not because of his acts or omissions or for some other reason, the Shareholder or former Shareholder (or his heirs, executors, administrators or other legal representatives, or, in the case of a corporation or other entity, its corporate or general successor) shall be entitled, out of the assets belonging to the applicable Portfolio, to be held harmless from and indemnified against all loss and expense arising from such liability in accordance with the Bylaws and applicable law. The Trust, on behalf of the affected Portfolio, shall upon request by the Shareholder, assume the defense of any such claim made against the Shareholder for any act or obligation of that Portfolio.

The Bylaws of the Registrant include the following:

ARTICLE VIII

INDEMNIFICATION

Section 1. Indemnification. For the purpose of this Section 1, “Trust” includes any domestic or foreign predecessor entity of this Trust in a merger, consolidation, or other transaction in which the predecessor’s existence ceased upon consummation of the transaction; “proceeding” means any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative; and “expenses” includes without limitation attorney’s fees and any expenses of establishing a right to indemnification under this Section 1.

(a) The Trust shall indemnify any person who was or is a party or is threatened to be made a party to any proceeding (other than an action by or in the right of the Trust) by reason of the fact that such person is or was a Covered Person, against expenses, judgments, fines and amounts paid in settlements actually and reasonably incurred by such person in connection with such proceeding, if

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it is determined that person acted in good faith and reasonably believed: (a) in the case of conduct in his official capacity as a Covered Person, that his conduct was in the Trust’s best interests and (b) in all other cases, that his conduct was at least not opposed to the Trust’s best interests and (c) in the case of a criminal proceeding, that he had no reasonable cause to believe that his conduct was unlawful. The termination of any proceeding by judgment, order or settlement shall not, of itself, create a presumption that the person did not meet the requisite standard of conduct set forth in this Section 1. The termination of any proceeding by conviction, or a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a rebuttable presumption that the person did not meet the requisite standard of conduct set forth in this Section 1.

(b) The Trust shall indemnify any person who was or is a party or is threatened to be made a party to any proceeding by or in the right of the Trust to procure a judgment in its favor by reason of the fact that person is or was a Covered Person, against expenses actually and reasonably incurred by that person in connection with the defense or settlement of such action or suit if that person acted in good faith, in a manner that person believed to be in the best interests of the Trust and with such care, including reasonable inquiry, as an ordinarily prudent person in a like position would use under similar circumstances.

(c) Notwithstanding any provision to the contrary contained herein, there shall be no right to indemnification for any liability arising by reason of willful misfeasance, bad faith, gross negligence, or the reckless disregard of the duties involved in the conduct of the Covered Person’s office with the Trust.

Section 2. Advance Payments of Indemnifiable Expenses. To the maximum extent permitted by law, the Trust or applicable Portfolio may advance to a Covered Person, in connection with the preparation and presentation of a defense to any claim, action, suit, or proceeding, expenses for which the Covered Person would ultimately be entitled to indemnification; provided that the Trust or applicable Portfolio has received an undertaking by or on behalf of such Covered Person that such amount will be paid over by him to the Trust or applicable Portfolio if it is ultimately determined that he is not entitled to indemnification for such expenses, and further provided that (i) such Covered Person shall have provided appropriate security for such undertaking, (ii) the Trust is insured against losses arising out of any such advance payments, or (iii) either a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust nor parties to the matter, or independent legal counsel in a written opinion shall have determined, based upon a review of readily available facts (as opposed to a full trial-type inquiry) that there is reason to believe that such Covered Person will not be disqualified from indemnification for such expenses.

Item 16.

Exhibits

(1)

Amended and Restated Agreement and Declaration of Trust. Incorporated herein by reference to PEA No. 88 filed on June 30, 2006.

(a)

First Amendment to Amended and Restated Agreement and Declaration of Trust, as amended August 2, 2007. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(i)

Amended Schedule A to Agreement and Declaration of Trust, as amended August 2, 2007 and Effective September 21, 2007.

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Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(ii)

Amended Schedule A to Agreement and Declaration of Trust, as amended October 18, 2007. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(b)

Second Amendment to Amended and Restated Agreement and Declaration of Trust, as amended effective November 19, 2007. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(2)

Amended and Restated Bylaws. Incorporated herein by reference to PEA No. 88 filed on June 30, 2006.

(a)

Amendment No. 1 To Amended and Restated Bylaws. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(3)

Voting Trust Agreement – none.

(4)

(a) A copy of the Plan of Reorganization to be adopted in connection with the reorganization of Old Mutual Large Cap Growth Fund with Old Mutual Large Cap Growth Concentrated Fund is attached as Appendix I to the combined proxy statement and prospectus related to such reorganization and incorporated by reference to Old Mutual Funds II’s Registration Statement on Form N-14 filed December 21, 2007.

(b)

A copy of the Plan of Reorganization to be adopted in connection with the reorganization of Old Mutual Large Cap Fund with Old Mutual Focused Fund is attached as Appendix I to the combined proxy statement and prospectus related to such reorganization and incorporated by reference to Old Mutual Funds II’s Registration Statement on Form N-14 filed December 21, 2007.

(5)

Instruments Defining Rights of Security Holders.

(a)

Articles II, VI, VII and IX of the Amended and Restated Agreement and Declaration of Trust. Incorporated herein by reference to PEA No. 88 filed on June 30, 2006.

(b)

Article IV of the Amended and Restated Bylaws. Incorporated herein by reference to PEA No. 88 filed on June 30, 2006.

(6)

Investment Advisory Agreement.

(a)

Management Agreement by and between the Registrant and Old Mutual Capital, Inc. Incorporated herein by reference to PEA No. 88 filed on June 30, 2006.

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(i)

Amendment to Management Agreement between Registrant and Old Mutual Capital, Inc. Incorporated herein by reference to PEA No. 92 filed December 21, 2006.

(b)

Investment Sub-Advisory Agreement by and among the Registrant, on behalf of the Old Mutual Large Cap Fund, Old Mutual Mid-Cap Fund, Old Mutual Small Cap Fund, Old Mutual Focused Fund and Old Mutual Strategic Small Company Fund of the Registrant, Old Mutual Capital, Inc. and Liberty Ridge Capital, Inc. Incorporated herein by reference to PEA No. 88 filed on June 30, 2006.

(c)

Investment Sub-Advisory Agreement by and among the Registrant, on behalf of the Old Mutual Growth Fund, Old Mutual Large Cap Growth Fund, Old Mutual Large Cap Growth Concentrated Fund and Old Mutual Select Growth Fund of the Registrant, Old Mutual Capital, Inc. and Turner Investment Partners, Inc. Incorporated herein by reference to PEA No. 88 filed on June 30, 2006.

(d)

Investment Sub-Advisory Agreement by and among the Registrant, on behalf of the Old Mutual Select Growth Fund, the Old Mutual Large Cap Growth Fund and the Old Mutual Large Cap Growth Concentrated Fund of the Registrant, Old Mutual Capital, Inc. and Ashfield Capital Partners, LLC. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(7)

Distribution Agreement.

(a)

Executed Distribution Agreement dated July 8, 2004 by and between the Registrant and Old Mutual Investment Partners. Incorporated herein by reference to PEA No. 77 filed on October 19, 2004.

(b)

Second Amendment to the Distribution Agreement dated July 8, 2004, as amended November 1, 2006. Incorporated herein by reference to PEA No. 92 filed December 21, 2006.

(c)

Third Amendment to the Distribution Agreement dated July 8, 2004, as amended June 4, 2007. Incorporated herein by reference to PEA No. 96 filed on June 4, 2007.

(d)

Fourth Amendment to the Distribution Agreement dated July 8, 2004, as amended November 19, 2007. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(8)

Not Applicable.

(9)

Custodian Agreement. Custodian Agreement between the Registrant and Wachovia Bank, NA (predecessor to U.S. Bank, National Association). Incorporated herein by reference to PEA No. 54 filed on March 8, 2002.

(a)

Schedule C dated July 14, 2003 to Custodian Agreement between the Registrant and Wachovia Bank, N.A. (predecessor to U.S. Bank, National

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Association) Incorporated herein by reference to PEA No. 61 filed on July 30, 2003.

(b)

Amendment dated October 5, 2006 to Custodian Agreement and Schedule C to Custodian Agreement between the Registrant and U.S. Bank N.A. Incorporated herein by reference to PEA No. 90 filed on October 18, 2006.

(c)

Amendment dated March 14, 2007 to Custodian Agreement and Schedule C to Custodian Agreement between Registrant and U.S. Bank N.A. Incorporated herein by reference to PEA No. 96 filed on June 4, 2007.

(d)

Custody Agreement, entered into as of November 1, 2007 with effective dates as indicated on Schedule II thereto, by and between the Registrant and The Bank of New York. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(e)

Foreign Custody Manager Agreement, entered into as of November 1, 2007 with an effective date of December 10, 2007, by and between the Registrant and The Bank of New York. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(10)

Plan under Rule 12b-1 and Rule 18f-3 Multiple Class Plan.

(a)

Plan under Rule 12b-1 with respect to the Advisor Class Shares. Incorporated herein by reference to PEA No. 53 filed January 11, 2002.

(i)

Amendment to Schedule A of Plan under Rule 12b-1 with respect to the Advisor Class Shares. Incorporated herein by reference to PEA No. 61 filed on July 30, 2003.

(b)

Distribution Plan under Rule 12b-1 with respect to the Class A Shares. Incorporated herein by reference to PEA No. 63 filed on August 1, 2003.

(i)

Amendment dated May 9, 2007 to Schedule A of Distribution Plan under Rule 12b-1 with respect to the Class A Shares. Incorporated herein by reference to PEA No. 94 filed on May 14, 2007.

(ii)

Amendment dated June 4, 2007 to Schedule A of Distribution Plan under Rule 12b-1 with respect to Class A shares. Incorporated herein by reference to PEA No. 96 filed on June 4, 2007.

(c)

Distribution Plan under Rule 12b-1 with respect to the Class C Shares. Incorporated herein by reference to PEA No. 63 filed on August 1, 2003.

(i)

Amendment dated May 9, 2007 to Schedule A of Distribution Plan under Rule 12b-1 with respect to the Class C Shares. Incorporated herein by reference to PEA No. 94 filed on May 14, 2007.

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(ii)

Amendment dated June 4, 2007 to Schedule A of Distribution Plan under Rule 12b-1 with respect to Class C shares. Incorporated herein by reference to PEA No. 96 filed on June 4, 2007.

(d)

Distribution Plan under Rule 12b-1 with respect to the Class R Shares. Incorporated herein by reference to PEA No. 92 filed December 21, 2006.

(i)

Amendment dated May 9, 2007 to Schedule A of Distribution Plan under Rule 12b-1 with respect to the Class R Shares. Incorporated herein by reference to PEA No. 94 filed on May 14, 2007.

(ii)

Amendment dated November 19, 2007 to Schedule A of Distribution Plan under Rule 12b-1 with respect to Class R Shares. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(e)

Service Plan under Rule 12b-1 with respect to the Class R Shares. Incorporated herein by reference to PEA No. 92 filed December 21, 2006.

(i)

Amendment dated May 9, 2007 to Schedule A of Service Plan under Rule 12b-1 with respect to Class R shares. Incorporated herein by reference to PEA No. 94 filed on May 14, 2007.

(ii)

Amendment dated November 19, 2007 to Schedule A of Service Plan under Rule 12b-1 with respect to Class R shares. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(f)

Service Plan under Rule 12b-1 with respect to Class A and Class C Shares of the Old Mutual TS&W Mid-Cap Fund and the Old Mutual Cash Reserves Fund. Incorporated herein by reference to PEA No. 94 filed on May 14, 2007.

(g)

Rule 18f-3 Multiple Class Plan dated July 30, 2003. Incorporated herein by reference to PEA No. 94 filed on May 14, 2007.

(i)

Amendment to Rule 18f-3 Multiple Class Plan dated July 30, 2003, as amended April 23, 2007. Incorporated herein by reference to PEA No. 96 filed on June 4, 2007.

(ii)

Amendment to Rule 18f-3 Multiple Class Plan dated July 30, 2003, as amended November 19, 2007. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(11)

Opinions of Ballard Spahr Andrews & Ingersoll, LLP, regarding validity of shares to be issued and related consents are filed herewith as Exhibit 11.

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(12)

Opinions of Ballard Spahr Andrews & Ingersoll, LLP, regarding certain tax matters and related consents related to the reorganizations are filed herewith as Exhibit 12.

(13)

Other Material Contracts.

(a)

Executed Administrative Services Agreement dated January 25, 2001 by and between the Registrant and PBHG Fund Services (now known as Old Mutual Fund Services). Incorporated herein by reference to PEA No. 53 filed January 11, 2002.

(i)

Schedule A dated October 29, 2001 to the Administrative Services Agreement dated January 25, 2001. Incorporated herein by reference to PEA No. 55 filed on July 26, 2002.

(ii)

Schedule A dated July 14, 2003 to the Administrative Services Agreement dated January 25, 2001. Incorporated herein by reference to PEA No. 61 filed on July 30, 2003.

(iii)

Amendment to Administrative Services Agreement dated October 1, 2004 by and between the Registrant and Old Mutual Fund Services (formerly known as PBHG Fund Services). Incorporated herein by reference to PEA No. 77 filed on October 19, 2004.

(b)

Assignment and Assumption Agreement to Administrative Services Agreement dated December 31, 2005 by and between Old Mutual Advisor Funds II, Old Mutual Fund Services, and Old Mutual Capital, Inc. Incorporated herein by reference to PEA No. 89 filed on August 21, 2006.

(c)

Sub-Administrative Services Agreement dated January 1, 2001 by and between PBHG Fund Services and SEI Fund Resources (now known as SEI Investments Mutual Funds Services). Incorporated herein by reference to PEA No. 47 filed May 8, 2001.

(i)

Schedule A dated October 29, 2001 to the Sub-Administrative Services Agreement dated January 1, 2001. Incorporated herein by reference to PEA No. 53 filed January 11, 2002.

(ii)

Form of Amendment No. 1 to Sub-Administrative Services Agreement dated February 1, 2004. Incorporated herein by reference to PEA No. 76 filed July 28, 2004.

(iii)

Amendment No. 2 to the Sub-Administrative Services Agreement dated January 1, 2007. Incorporated herein by reference to PEA No. 96 filed on June 4, 2007.

(iv)

Amendment No. 3 to the Sub-Administrative Services Agreement dated June 4, 2007. Incorporated herein by reference to PEA No. 96 filed on June 4, 2007.

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(d)

Assignment and Assumption Agreement to Sub-Administrative Services Agreement dated December 31, 2005 by and between Old Mutual Fund Services, Old Mutual Capital, Inc., and SEI Investments Mutual Funds Services. Incorporated herein by reference to PEA No. 89 filed on August 21, 2006.

(e)

Fund Sub-Administration and Accounting Agreement, entered into as of November 1, 2007 with effective dates as indicated on Exhibit A thereto, by and between Old Mutual Capital, Inc. and The Bank of New York. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(f)

Executed Agency Agreement dated January 1, 1998 and Schedule A dated December 14, 2000 by and between the Registrant and DST Systems, Inc. Incorporated herein by reference to PEA No. 42 filed December 15, 2000.

(i)

Exhibit A dated October 29, 2001 to the Agency Agreement dated January 1, 1998. Incorporated herein by reference to PEA No. 53 filed January 11, 2002.

(ii)

Amendment to the Agency Agreement dated September 1, 2006. Incorporated herein by reference to PEA No. 96 filed on June 4, 2007.

(iii)

Amendment to the Agency Agreement dated June 4, 2007. Incorporated herein by reference to PEA No. 96 filed on June 4, 2007.

(iv)

Amendment to the Agency Agreement dated November 19, 2007. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(g)

Amended and Restated Expense Limitation Agreement between Old Mutual Capital, Inc. and the Registrant. Incorporated herein by reference to PEA No. 92 filed December 21, 2006.

(i)

Amendment dated May 9, 2007 to Schedules A through F of the Amended and Restated Expense Limitation Agreement dated December 21, 2006 between Old Mutual Capital, Inc. and the Registrant. Incorporated herein by reference to PEA No. 94 filed on May 14, 2007.

(ii)

Amended Schedules A through F of the Amended and Restated Expense Limitation Agreement dated December 21, 2006 between Old Mutual Capital, Inc. and the Registrant. Incorporated herein by reference to PEA No. 96 filed on June 4, 2007.

(h)

Expense Limitation Agreement between the Registrant, on behalf of the Old Mutual TS&W Mid-Cap Value Fund and Old Mutual Capital, Inc.

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dated June 4, 2007. Incorporated herein by reference to PEA No. 96 filed on June 4, 2007.

(i)

Expense Limitation Agreement between the Registrant, on behalf of the Old Mutual Advantage Growth Fund, Old Mutual Barrow Hanley Core Bond Fund, Old Mutual Dwight High Yield Fund, Old Mutual Discover Value Fund, and Old Mutual Capital, Inc. dated November 19, 2007. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(j)

Extended Expense Limitation Agreement between the Registrant, on behalf of the Old Mutual TS&W Mid-Cap Value Fund, and Old Mutual Capital, Inc., dated June 4, 2007. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(k)

Extended Expense Limitation Agreement between the Registrant, on behalf of each Fund except the Old Mutual TS&W Mid-Cap Value Fund, the Old Mutual Advantage Growth Fund, the Old Mutual Barrow Hanley Core Bond Fund, the Old Mutual Dwight High Yield Fund, and the Old Mutual Discover Value Fund, and Old Mutual Capital, Inc. dated June 4, 2007. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(i)

Amended Schedule A, dated November 19, 2007, to Extended Expense Limitation Agreement dated June 4, 2007 between the Registrant and Old Mutual Capital, Inc. Incorporated herein by reference to PEA No. 100 filed on November 15, 2007.

(l)

Executed Shareholder Services Agreement dated January 25, 2001 by and between the Registrant and PBHG Fund Services (now known as Old Mutual Fund Services). Incorporated herein by reference to PEA No. 53 filed January 11, 2002.

(i)

Amendment to Shareholder Services Agreement dated October 18, 2007. Attached herewith as an Exhibit.

(m)

Executed Shareholder Web Services Agreement dated January 25, 2001 by and between the Registrant and PBHG Fund Services (now known as Old Mutual Fund Services). Incorporated herein by reference to PEA No. 53 filed January 11, 2002.

(n)

Service Plan for the Registrant’s Class A and Class C Shares. Incorporated herein by reference to PEA No. 63 filed on August 1, 2003.

(o)

Escrow Agreement dated January 26, 2006 between the Registrant, Old Mutual Capital, Inc. and U.S. Bank, National Association. Incorporated herein by reference to PEA No. 88 filed on June 30, 2006.

(14)

Consent of PricewaterhouseCoopers LLP. Incorporated herein by reference to Registrant’s Pre-Effective Amendment No. 1 to this Registration Statement on Form N-14 filed on January 22, 2008.

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(15)

Not applicable.

(16)

Trustees’ Power of Attorney. Incorporated herein by reference to PEA No. 93 filed on March 16, 2007.

(17)

(a)

Code of Ethics of Registrant. Incorporated herein by reference to PEA No. 79 filed on May 13, 2005.

(b)

Form of Proxy Card. Incorporated herein by reference to the Registration Statement on Form N-14 filed December 21, 2007.

Item 17.

Undertakings

(1)

The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2)

The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

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SIGNATURES

As required by the Securities Act of 1933, this Registration Statement has been signed on behalf of the Registrant, in the City of Denver, and State of Colorado, on the 16th day of May, 2008.

		OLD MUTUAL FUNDS II
		Registrant

	By:	/s/ Julian F. Sluyters
		Julian F. Sluyters
		President

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature		Title	Date
/s/ John R. Bartholdson	*	Trustee	May 16, 2008
John R. Bartholdson

/s/ Jettie M. Edwards	*	Trustee	May 16, 2008
Jettie M. Edwards

/s/ Albert A. Miller	*	Trustee	May 16, 2008
Albert A. Miller

/s/ Leigh A. Wilson	*	Trustee	May 16, 2008
Leigh A. Wilson

/s/ Thomas M. Turpin	*	Trustee	May 16, 2008
Thomas M. Turpin

/s/ Julian F. Sluyters		President and Principal	May 16, 2008
Julian F. Sluyters		Executive Officer

/s/ Robert T. Kelly		Treasurer and Principal	May 16, 2008
Robert T. Kelly		Financial Officer

	*By	/s/ Andra C. Ozols
		Andra C. Ozols
		Attorney-in-Fact, pursuant to a power of attorney

OLD MUTUAL FUNDS II

INDEX TO EXHIBITS

Exhibit No.:		Exhibit

11		Opinions of Ballard Spahr Andrews & Ingersoll, LLP, regarding validity of shares to be issued and related consents related to the reorganizations

12		Opinions of Ballard Spahr Andrews & Ingersoll, LLP, regarding certain tax matters and related consents related to the reorganizations

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LAW OFFICES

Ballard Spahr Andrews & Ingersoll, LLP

1735 MARKET STREET, 51^ST FLOOR

PHILADELPHIA, PENNSYLVANIA 19103-7599

215-665-8500

FAX: 215-864-8999

www.ballardspahr.com

BALTIMORE, MD

BETHESDA, MD

DENVER, CO

LAS VEGAS, NV

LOS ANGELES, CA

PHOENIX, AZ

SALT LAKE CITY, UT

VOORHEES, NJ

WASHINGTON, DC

WILMINGTON, DE

April 25, 2008

By Federal Express

Old Mutual Funds II

c/o Old Mutual Capital, Inc.

4643 S. Ulster Street, Suite 600

Denver, Colorado 80237

Re:

Old Mutual Large Cap Growth Fund

Ladies and Gentlemen:

We have acted as counsel to Old Mutual Funds II, a statutory trust organized under the laws of the State of Delaware (the “Trust”), in connection with that certain Plan of Reorganization dated as of December 18, 2007 (the “Plan”) by and among the Trust, on behalf of Old Mutual Large Cap Growth Fund (“Selling Fund”), a series portfolio of the Trust, and Old Mutual Large Cap Growth Concentrated Fund (“Buying Fund”), also a series portfolio of the Trust, which provides for the reorganization of Selling Fund with and into Buying Fund (the “Reorganization”).

Pursuant to the Plan, all of the assets of Selling Fund will be transferred to Buying Fund, Buying Fund will assume all of the liabilities of Selling Fund, and the Trust will reclassify all of the issued and outstanding Class A, Class C, Institutional Class, and Class Z shares of Selling Fund (the “Selling Fund Shares”) and change such shares, respectively, into Class A, Class C, Institutional Class, and Class Z shares of Buying Fund (the “Buying Fund Shares”) based upon their respective net asset values. Pursuant to the Plan, the Trust will issue the number of shares of Class A, Class C, Institutional Class, and Class Z shares of Buying Fund to shareholders of Class A, Class C, Institutional Class, and Class Z shares of Selling Fund, respectively, having an aggregate net asset value equal to the aggregate net asset value of their shares of Selling Fund immediately prior to the Reorganization.

Pursuant to the Plan, the value of each Selling Fund shareholder’s account with Buying Fund after the Reorganization will be the same as the value of such shareholder’s account with Selling Fund immediately prior to the Reorganization.

DMEAST #9941929 v3

Old Mutual Funds II

April 25, 2008

Page 2

In connection with our rendering this opinion, we have examined copies of the following documents:

The Trust’s Certificate of Trust;

2. The Amended and Restated Agreement and Declaration of Trust dated March 1, 2006 (the “Trust Agreement”);

3. Resolutions of the Board of Trustees adopted on December 18, 2007 with respect to the Reorganization;

4. A Good Standing Certificate for the Trust issued by the Department of State of Delaware on April 21, 2008;

5. The Certificate of Tabulation dated April 22, 2008 of Broadridge Financial Solutions, Inc. with respect to the vote of the shareholders of the Selling Fund in connection with the Reorganization;

6. The Affidavit of Mailing dated March 3, 2008 with respect to the Special Meeting of Shareholders of the Selling Fund;

7. The letter from Old Mutual Capital, Inc. addressed to the Securities and Exchange Commission (the “SEC”) dated January 14, 2008;

8. A one-page analysis of the effect of uncashed Fair Fund checks on the Selling Fund and Buying Fund;

9. The Registration Statement on Form N-14 registration number 333-148285, with respect to the Buying Fund Shares to be issued to the shareholders of the Selling Fund pursuant to the Plan, as described above, filed by the Trust with the SEC on December 21, 2007, amended on January 18, 2008, and declared effective by the SEC on January 22, 2008 (the “Registration Statement”);

10.

The Plan; and

11. Originals or copies, certified or otherwise identified to our satisfaction, of such other documents and records as we have deemed necessary or advisable for purposes of rendering this opinion.

As to various questions of fact material to our opinion, we have relied upon information provided by officers of the Trust including the information set forth in the form of the Certificate in Support of Legal Opinion attached hereto which has been executed by an officer of the Trust. In particular, the opinion expressed below is based on the understanding that no stop order suspending the effectiveness of the Registration Statement has been issued.

DMEAST #9941929 v3

Old Mutual Funds II

April 25, 2008

Page 3

In all cases, we have assumed the legal capacity and competence of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, and the conformity to original documents of documents submitted to us as certified, conformed, photostatic or facsimile copies and the accuracy and completeness of all corporate records and other information made available to us by the Trust.

Based on the foregoing, we are of the opinion that the Buying Fund Shares have been duly authorized and, when issued and delivered by the Trust to the shareholders of Selling Fund in accordance with the terms and conditions of the Plan, will be validly issued, fully paid, and nonassessable.

We express no opinion concerning the laws of any jurisdiction other than the Federal laws of the United States of America and the Delaware Statutory Trust Act. Without intending any limitation on the generality of the foregoing, we express no opinion on the state securities or “Blue Sky” law of any jurisdiction.

Both the Delaware Statutory Trust Act and the Trust Agreement provide that shareholders of the Trust shall be entitled to the same limitation on personal liability as is extended under the Delaware General Corporation Law to stockholders of private corporations for profit. There is a remote possibility, however, that, under certain circumstances, shareholders of a Delaware statutory trust may be held personally liable for that trust’s obligations to the extent that the courts of another state which does not recognize such limited liability were to apply the laws of such state to a controversy involving such obligations. The Trust Agreement also provides for indemnification out of property of a fund for all loss and expense of any shareholder held personally liable for the obligations of such fund. Therefore, the risk of any shareholder’s incurring financial loss beyond such shareholder’s investment due to shareholder liability is limited to circumstances in which a fund is unable to meet its obligations or the express limitation of shareholder liabilities is determined not to be effective.

We consent to the filing of this opinion as an Exhibit to the Registration Statement and to the references to our firm under the following captions under the headings “The Merger -- Federal Income Tax Consequences,” “The Merger -- Other Conditions” and “Legal Matters,” in the combined Proxy Statement/Prospectus for Selling Fund, which is included in the Registration Statement.

Very truly yours,

/s/ Ballard Spahr Andrews & Ingersoll, LLP

DMEAST #9941929 v3

LAW OFFICES

Ballard Spahr Andrews & Ingersoll, LLP

1735 MARKET STREET, 51^ST FLOOR

PHILADELPHIA, PENNSYLVANIA 19103-7599

215-665-8500

FAX: 215-864-8999

www.ballardspahr.com

BALTIMORE, MD

BETHESDA, MD

DENVER, CO

LAS VEGAS, NV

LOS ANGELES, CA

PHOENIX, AZ

SALT LAKE CITY, UT

VOORHEES, NJ

WASHINGTON, DC

WILMINGTON, DE

April 25, 2008

By Federal Express

Old Mutual Funds II

c/o Old Mutual Capital, Inc.

4643 S. Ulster Street, Suite 600

Denver, Colorado 80237

Re:

Old Mutual Large Cap Fund

Ladies and Gentlemen:

We have acted as counsel to Old Mutual Funds II, a statutory trust organized under the laws of the State of Delaware (the “Trust”), in connection with that certain Plan of Reorganization dated as of December 18, 2007 (the “Plan”) by and among the Trust, on behalf of Old Mutual Large Cap Fund (“Selling Fund”), a series portfolio of the Trust, and Old Mutual Focused Fund (“Buying Fund”), also a series portfolio of the Trust, which provides for the reorganization of Selling Fund with and into Buying Fund (the “Reorganization”).

DMEAST #9941931 v2

Old Mutual Funds II

April 25, 2008

Page 2

In connection with our rendering this opinion, we have examined copies of the following documents:

The Trust’s Certificate of Trust;

2. The Amended and Restated Agreement and Declaration of Trust dated March 1, 2006 (the “Trust Agreement”);

3. Resolutions of the Board of Trustees adopted on December 18, 2007 with respect to the Reorganization;

4. A Good Standing Certificate for the Trust issued by the Department of State of Delaware on April 21, 2008;

5. The Certificate of Tabulation dated April 22, 2008 of Broadridge Financial Solutions, Inc. with respect to the vote of the shareholders of the Selling Fund in connection with the Reorganization;

6. The Affidavit of Mailing dated March 3, 2008 with respect to the Special Meeting of Shareholders of the Selling Fund;

7. The letter from Old Mutual Capital, Inc. addressed to the Securities and Exchange Commission (the “SEC”) dated January 14, 2008;

8. The Registration Statement on Form N-14 registration number 333-148285, with respect to the Buying Fund Shares to be issued to the shareholders of the Selling Fund pursuant to the Plan, as described above, filed by the Trust with the SEC on December 21, 2007, amended on January 18, 2008, and declared effective by the SEC on January 22, 2008 (the “Registration Statement”);

The Plan; and

10. Originals or copies, certified or otherwise identified to our satisfaction, of such other documents and records as we have deemed necessary or advisable for purposes of rendering this opinion.

DMEAST #9941931 v2

Old Mutual Funds II

April 25, 2008

Page 3

conformed, photostatic or facsimile copies and the accuracy and completeness of all corporate records and other information made available to us by the Trust.

Very truly yours,

/s/ Ballard Spahr Andrews & Ingersoll, LLP

DMEAST #9941931 v2

EX-99.12 5 ex99_12.htm OPINIONS OF COUNSEL RE TAX MATTERS

LAW OFFICES

Ballard Spahr Andrews & Ingersoll, LLP

1735 MARKET STREET, 51^ST FLOOR

PHILADELPHIA, PENNSYLVANIA 19103-7599

215-665-8500

FAX: 215-864-8999

www.ballardspahr.com

BALTIMORE, MD

BETHESDA, MD

DENVER, CO

LAS VEGAS, NV

LOS ANGELES, CA

PHOENIX, AZ

SALT LAKE CITY, UT

VOORHEES, NJ

WASHINGTON, DC

WILMINGTON, DE

April 25, 2008

Old Mutual Funds II
4643 South Ulster Street, Suite 600
Denver, CO 80237

Re:

Reorganization of Old Mutual Large Cap Growth Fund

Ladies and Gentlemen:

You have requested our opinion regarding certain United States federal income tax consequences in connection with the proposed transaction (the “Reorganization”) contemplated by the Plan of Reorganization (the “Plan”) dated as of December 18, 2007 by Old Mutual Funds II, a Delaware business trust (“Trust”), acting on behalf of Old Mutual Large Cap Growth Fund (“Selling Fund”), and Old Mutual Large Cap Growth Concentrated Fund (“Buying Fund”), each a separate series of Trust (together, Selling Fund and Buying Fund herein referred to as “the Funds”). The Reorganization is described in the Plan and in the Registration Statement of Trust on Form N-14 filed with the Securities and Exchange Commission on December 21, 2007 (the “Registration Statement”). Unless otherwise defined, all capitalized terms in this letter have the meanings set forth in the Plan.

For purposes of this opinion, we have examined and relied upon the accuracy and completeness of the facts, information, covenants, statements and representations contained in originals or copies of the Plan, the exhibits attached thereto, the Registration Statement, and such other documents and instruments as we have deemed necessary or appropriate. In our examination of the foregoing materials, we have assumed the genuineness of all signatures, legal capacity of natural persons, the authenticity of all documents submitted to us as originals and the conformity to the original documents of all documents submitted to us as copies. We have assumed that such documents reflect all the material facts relating to the Reorganization. In addition, we have assumed that the Reorganization will be consummated in accordance with the terms of such documents and that none of the material terms and conditions contained therein will have been waived or modified prior to the consummation of the Reorganization.

Old Mutual Funds II

April 25, 2008

Page 2 of 4

In rendering this opinion, we are relying upon the representations, warranties and covenants made by Trust in the Plan as well as on a letter of representation of even date hereto that we have received from an officer of the Trust, a copy of which is attached as Exhibit A hereto. We have not been asked to, nor have we undertaken to, verify the accuracy of these and other representations made to us. In this regard, we have assumed that any representation made “to the best of the knowledge,” “to the knowledge” or similarly qualified is correct without such qualification. As to all matters in which a person making a representation has represented that such person either is not a party to, does not have, or is not aware of, any plan or intention, understanding or agreement, we have likewise assumed that there is in fact no such plan, intention, understanding or agreement.

Based upon and subject to the foregoing, it is our opinion that, for federal income tax purposes:

1. The reclassification of the shares of the Selling Fund and the change of the outstanding shares of the Selling Fund (“Selling Fund Shares”) into shares of the Buying Fund (“Buying Fund Shares”) based upon the net asset values of the Funds as provided in the Plan, such that all of the assets and liabilities of the Selling Fund will become assets and liabilities of the Buying Fund, will constitute a “reorganization” within the meaning of Section 368(a) of the Code, and Selling Fund and Buying Fund each will be “a party to a reorganization” within the meaning of Section 368(b) of the Code.

2. No gain or loss will be recognized by Selling Fund upon the attribution of its assets to Buying Fund solely in constructive exchange for Buying Fund Shares and Buying Fund’s constructive assumption of the liabilities of Selling Fund, or on the constructive distribution of Buying Fund Shares that are issued directly to the shareholders of Selling Fund (“Selling Fund Shareholders”).

3. No gain or loss will be recognized by any Selling Fund Shareholder on the receipt of Buying Fund Shares in constructive exchange solely for Selling Fund Shares.

4. A Selling Fund Shareholder’s basis for Buying Fund Shares received by the Selling Fund Shareholder will be the same as his basis for Selling Fund Shares constructively exchanged therefor.

5. A Selling Fund Shareholder’s holding period for Buying Fund Shares will be determined by including such Selling Fund Shareholder’s holding period for the Selling Fund Shares constructively exchanged therefor, provided that the Selling Fund Shareholder held such Selling Fund Shares as capital assets as of the date of the Effective Time.

6. No gain or loss will be recognized by Buying Fund upon the attribution of assets of Selling Fund in constructive exchange for Buying Fund Shares issued directly to Selling Fund Shareholders.

Old Mutual Funds II

April 25, 2008

Page 3 of 4

7. The basis to Buying Fund of the assets of Selling Fund will be the same as the basis of such assets in the hands of Selling Fund immediately prior to the Reorganization.

8. The holding period with respect to the assets of Selling Fund attributed to Buying Fund in the Reorganization will include the holding period for such assets in the hands of Selling Fund immediately prior to the Reorganization.

9. The tax year of Selling Fund will end on the date of the Effective Time, and Buying Fund will succeed to and take into account the items of Selling Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381 through 384 of the Code and the Treasury Regulations thereunder.

We express no opinion as to the tax consequences of the Reorganization except as expressly set forth above, or as to any transaction except the Reorganization. We also note that certain Selling Fund Shareholders may be subject to special rules because of their particular federal income tax status and that the tax consequences of the Reorganization to such Selling Fund Shareholders may accordingly differ from the ones of general application that are described above. This opinion is intended to satisfy the mutual condition precedent to the Reorganization set forth in Section 5(e) of the Plan, is being furnished to you solely for that purpose, and may not be relied upon by any other person without our express written consent. We expressly authorize Trust to file this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement.

Our opinion is based upon the Code, Treasury regulations (proposed, temporary and final) promulgated thereunder, judicial decisions, interpretative rulings of the Internal Revenue Service and such other authorities as we have considered relevant, all as in effect on the date hereof. All such legal authorities are subject to change, either prospectively or retroactively. We are not undertaking hereby any obligation to advise you of any changes in the applicable law subsequent to the date hereof, even if such changes materially affect the tax consequences of the Reorganization that are set forth above.

If any of the facts, assumptions or representations on which our opinion is based are incorrect, we expect you to advise us so that we may consider the effect, if any, on our opinion.

Our opinion has no binding effect on the Internal Revenue Service or the courts of any jurisdiction. No assurance can accordingly be given that, if the matter were contested, a court would agree with the legal conclusions set forth above.

Sincerely,

/s/ Ballard Spahr Andrews & Ingersoll, LLP

LAW OFFICES

Ballard Spahr Andrews & Ingersoll, LLP

1735 MARKET STREET, 51^ST FLOOR

PHILADELPHIA, PENNSYLVANIA 19103-7599

215-665-8500

FAX: 215-864-8999

www.ballardspahr.com

BALTIMORE, MD

BETHESDA, MD

DENVER, CO

LAS VEGAS, NV

LOS ANGELES, CA

PHOENIX, AZ

SALT LAKE CITY, UT

VOORHEES, NJ

WASHINGTON, DC

WILMINGTON, DE

April 25, 2008

Old Mutual Funds II
4643 South Ulster Street, Suite 600
Denver, CO 80237

Re:

Reorganization of Old Mutual Large Cap Fund

Ladies and Gentlemen:

You have requested our opinion regarding certain United States federal income tax consequences in connection with the proposed transaction (the “Reorganization”) contemplated by the Plan of Reorganization (the “Plan”) dated as of December 18, 2007 by Old Mutual Funds II, a Delaware business trust (“Trust”), acting on behalf of Old Mutual Large Cap Fund (“Selling Fund”), and Old Mutual Focused Fund (“Buying Fund”), each a separate series of Trust (together, Selling Fund and Buying Fund herein referred to as “the Funds”). The Reorganization is described in the Plan and in the Registration Statement of Trust on Form N-14 filed with the Securities and Exchange Commission on December 21, 2007 (the “Registration Statement”). Unless otherwise defined, all capitalized terms in this letter have the meanings set forth in the Plan.

Old Mutual Funds II

April 25, 2008

Page 2 of 4

Based upon and subject to the foregoing, it is our opinion that, for federal income tax purposes:

3. No gain or loss will be recognized by any Selling Fund Shareholder on the receipt of Buying Fund Shares in constructive exchange solely for Selling Fund Shares.

4. A Selling Fund Shareholder’s basis for Buying Fund Shares received by the Selling Fund Shareholder will be the same as his basis for Selling Fund Shares constructively exchanged therefor.

6. No gain or loss will be recognized by Buying Fund upon the attribution of assets of Selling Fund in constructive exchange for Buying Fund Shares issued directly to Selling Fund Shareholders.

Old Mutual Funds II

April 25, 2008

Page 3 of 4

7. The basis to Buying Fund of the assets of Selling Fund will be the same as the basis of such assets in the hands of Selling Fund immediately prior to the Reorganization.

If any of the facts, assumptions or representations on which our opinion is based are incorrect, we expect you to advise us so that we may consider the effect, if any, on our opinion.

Sincerely,

/s/ Ballard Spahr Andrews & Ingersoll, LLP