june 30 2006semi annual report old mutual growth ii portfolio insurance series fund table of contents about this 2 message to shareholders 3 management overview 4 statement net assets 7 operations 13 changes in 14 financial highlights 15 notes statements 16 expenses example 22 historical returns all total mentioned account for the change s per share price and assume reinvestment any dividends capital gain distributions performance results do not reflect deduction taxes that a shareholder would pay on or redemption shares past does guarantee future investment return principal value will fluctuate so an investor when redeemed may be worth more less than their original cost represent current higher lower certain periods fee waivers reimbursements effect period absent have been is only available through variable annuity contracts
